The Cheapest and Best Renters Insurance in Bakersfield
The Companies With the Cheapest Renters Insurance in Bakersfield
The cost of renters insurance should be an essential factor for Bakersfield residents to consider since most companies provide the same core coverage. Compare renters insurance quotes from different insurers to find the right policy for you.
If you’re searching for affordable renters insurance, MoneyGeek’s study discovered that the cheapest options in Bakersfield for the average consumer are:
- Lemonade: $88 per year
- Allstate: $107 per year
The prices in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Keep in mind that your actual costs may differ. Check the table below for personal property coverage limits and see how the prices vary.
California renters living outside Bakersfield can compare renters insurance companies in California.
Average Annual Rates for Personal Property Insurance
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
What Are the Best Renters Insurance Companies in Bakersfield?
MoneyGeek ranked the best renters insurance in Bakersfield and discovered that the top renters insurance companies in the city are:
- Best Overall: USAA (exclusive for current and former military members)
- Runner-up: Allstate
To calculate the final scores, MoneyGeek used a unique rating system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Moreover, MoneyGeek discovered that these providers offer unique coverages not found in all renters insurance companies.
USAA, the top insurer in Bakersfield, obtained high ratings across customer satisfaction, financial stability and affordability. However, only military families are eligible to buy USAA policies.
USAA is one of the most affordable options in the country. It provides unique coverages for its customers. Unlike other providers, its basic policy covers flood and earthquake damages. USAA also offers significant discounts for those currently serving in the military.Read MoneyGeek's USAA renters Insurance Review
Allstate placed second in our ratings. It scores high in customer satisfaction, financial stability and affordability. It offers identity protection.
Allstate is consistent in being one of the most affordable renters insurance providers in the country. You may opt to add identity protection to your policy to monitor your digital footprint and protect you from identity theft. With Allstate, you can save a few dollars per month if you waive your off-premises theft coverage. However, stolen items outside your home will no longer be covered.Read MoneyGeek's Allstate renters Insurance Review
The Average Cost of Renters Insurance in Bakersfield for 2023
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On average, renters in Bakersfield pay $217 per year for insurance or around $18 monthly. This is $58 more per year than the national average of $159.
What Factors Impact Renters Insurance Costs in Bakersfield?
While there are several factors that affect your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount. When you look for renters insurance in Bakersfield, think about the coverage you want to purchase. How much property you cover is one of the most vital factors when calculating a policy’s cost.
- Location within a city. The place you choose to live is an essential factor in determining your renters insurance costs in Bakersfield. Some neighborhoods can be prone to crime, which may affect the cost of your insurance policies. Other areas might be subject to natural perils like wildfires or earthquakes.
- Deductible. A deductible refers to the cost you pay the insurance carrier to cover a claim. Opting for higher deductibles will yield lower premiums because you’ll pay more from your own pocket when you file for a claim.
- ACV vs. RCV. Depending on the kind of insurance, you can get reimbursements based on either the actual cash value (ACV) or the replacement cost value (RCV) of your personal belongings. If you have an ACV policy, the insurance company will reimburse you for the depreciated value of your used items. However, RCV policies reimburse the equivalent cost of buying a new product similar in quality and type without the depreciation. Since RCV policies cover more claims, they cost more than ACV policies.
- Liability coverage amount. Your coverage level has a minor effect on the cost of your renters insurance. A standard policy has $100,000 of liability coverage. That said, you’ll be able to add thousands more in coverage for just a few dollars per year.
Calculate How Much Renters Insurance You Need
Does My Bakersfield Neighborhood Impact Cost of Renters Insurance?
Neighborhood locations don’t directly affect renters insurance rates. MoneyGeek’s study found out that the neighborhood you live in will only affect your premium by a couple of dollars a month.
Understanding Renters Insurance in Bakersfield
Renters insurance in Bakersfield is not a legal requirement. Nonetheless, MoneyGeek strongly suggests residents get a policy as an affordable way to protect their assets against dangers like theft or damages. Plus, some landlords may require it.
What Does Renters Insurance Cover in Bakersfield?
When looking for the right renters insurance, it is important to make sure that you get enough coverage to meet your needs as a Bakersfield renter. Renters insurance is a more affordable way to protect yourself against unforeseen expenses due to stolen items or specific damage.
According to the FBI, Bakersfield has a property crime rate of 3,392 per 100,000 people in 2019, which is around 79% higher than the national average.
Apartment and rental home residents in Bakersfield can also buy additional insurance to protect themselves from fires and water damage. Insurance companies in Bakersfield typically offer renters insurance policies that include:
- Personal property coverage: This coverage protects the items inside your rented home from perils such as theft, vandalism, electrical malfunctions and some weather-related damages.
- Additional living expenses: In some cases, your rented property may become unlivable after a covered peril. This covers the costs you incur for your temporary housing.
- Liability insurance: This feature protects you if an accident happens on your rental property that causes harm or injuries to other people. It pays for your legal fees and court judgment payments as well.
- Medical payments coverage: If someone gets injured while staying in your rented property, this will cover the medical expenses related to the specific injury. It covers you regardless of who’s at fault.
What Is Not Covered by Renters Insurance in Bakersfield?
Renters insurance in Bakersfield covers your personal belongings but not the building you reside in. Other specific events won’t be covered by renters insurance, so it’s best to get additional coverage.
Some water damage might be covered by your renters insurance. However, if the damage comes from flooding, most standard insurance policies will not cover it. To protect your rented property from flood-related damages, you can buy incremental insurance from the National Flood Insurance Program (NFIP).
Other items excluded in most renters insurance policies include your roommates’ belongings, earthquake damage, car theft, jewelry and other things that exceed your policy limits.
There’s no universal insurance policy, so make sure that you go through the details of your policy thoroughly to ensure that it covers your needs.
Frequently Asked Questions About Renters Insurance in Bakersfield
Renters insurance shoppers should look for the provider that offers the best combination of affordability and quality. Here are some of the most common questions about renters insurance in Bakersfield.
Renters Insurance in Bakersfield Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Bakersfield to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick