The Cheapest and Best Renters Insurance in Fresno
The Companies With the Cheapest Renters Insurance in Fresno
Renters insurance pricing should be a significant consideration for residents in Fresno because most insurance providers provide the same basic coverages. MoneyGeek suggests you compare renters insurance quotes from different insurers to find the best coverage.
Our comprehensive research found the cheapest renters insurance companies in Fresno for the average consumer are:
- USAA: $77 per year (only available to current and former military members and their families)
- Lemonade: $84 per year
With USAA, policyholders can receive even better deals because the firm reimburses items at replacement cost and all of their plans cover flood and earthquake damage. However, note that USAA is exclusive to current and former military members and their families.
The costs in this MoneyGeek study are for insurance with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. However, your actual premiums may vary. In the table below, you can see how prices change for various personal property coverage limits.
If you live elsewhere in the state, you may also compare renters insurance across the entire state of California.
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What Are the Best Renters Insurance Companies in Fresno?
MoneyGeek evaluated the best renters insurance companies in Fresno and found the following to be the most consistent:
- Best Overall: USAA (exclusive for military personnel)
- Runner-up: State Farm
To determine final ratings, MoneyGeek used a unique assessment system that considered affordability, J.D. Power customer satisfaction ratings and AM Best financial stability ratings. These insurance companies also offer some specialized coverages that are not offered by all renters insurance carriers.
Because of its perfect ratings in all categories, USAA is our top choice. However, only current and former military personnel, as well as their families, are eligible for USAA coverage.
USAA is consistently one of the most cost-effective insurance options in the country, with unique coverage possibilities. For example, unlike many other insurance companies, USAA covers flood and earthquake damage. If you are currently serving in the military, you may be eligible for further reductions on your policy.
State Farm comes in second, with excellent overall scores and a flawless financial stability score. State Farm offers earthquake coverage as an add-on.
State Farm is also one of the most affordable renters insurance companies in the country. It includes features like the option to purchase inflation coverage, which ensures that your personal property coverage limits increase over time. To safeguard against the costs of identity fraud, add identity restoration coverage to your renters policy with State Farm for only $25 per year.
The Average Cost of Renters Insurance in Fresno for 2023
renters insurance is equal to the average.
Renters insurance in Fresno costs an average of $20 per month or $244 per year. This is an additional $85 per year over the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Fresno?
While there are many variables that affect the cost of renters insurance, the following are the most significant.
- Personal property coverage amount. When looking for renters insurance in Fresno, think about how much coverage you will need. The value of the property you insure is one of the most important criteria in determining the cost of a policy.
- Location. The cost of renters insurance is slightly influenced by local weather patterns and crime statistics. If you choose to live in an apartment in a Fresno neighborhood with a history of property theft, you may have higher rates.
- Deductible. This is the amount you must pay when an insurance company accepts a claim to replace your items. Lower-deductible plans are more expensive because the insurance provider will pay more to replace your items.
- ACV vs. RCV. Insurance companies may reimburse you in one of two ways after an accident: actual cash value (ACV) or replacement cost value (RCV). ACV plans are great for lowering your monthly costs, but if you need to submit a claim, you will receive less money. While RCV plans are more expensive, you will receive more money if you file a claim.
- Liability coverage amount. The quantity of liability coverage you select will have a small impact on your renters insurance premium. A standard policy covers $100,000 in liability coverage, but you may add thousands more for a few dollars extra per year.
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Does My Fresno Neighborhood Impact Cost of Renters Insurance?
Renters insurance premiums, unlike other types of insurance, are not significantly impacted by where you live. A MoneyGeek study found that where you reside in Fresno only has a minimal impact on your monthly insurance costs.
Understanding Renters Insurance in Fresno
Renters insurance is a smart purchase because it can protect you from financial losses. Renters insurance in Fresno is strongly recommended by MoneyGeek since it might help cover what your landlord's policy does not.
What Does Renters Insurance Cover in Fresno?
When looking for renters insurance in Fresno, make sure you have enough coverage for your needs. It's a low-cost way to protect yourself from theft and other unwanted expenses. According to the FBI, Fresno had 2,900 property crimes recorded per 100,000 residents in 2018. This was 46% higher than the national average.
Furthermore, occupants of apartments and homes in Fresno may require renters insurance to protect themselves from hazards such as fires and water damage. Fresno renters insurance companies provide policies that typically cover the following:
- Personal property coverage: This covers damage to the contents of your rental house caused by fire, vandalism, theft, electrical failures, plumbing problems and some weather-related perils.
- Additional living expenses: The rental unit may become uninhabitable following a covered peril, so your temporary housing will be covered under this policy.
- Liability insurance: This helps pay legal expenses and court verdicts. Liability coverage protects you if an accident occurs on your rental property and causes property damage or physical harm to others.
- Medical payments coverage: This coverage will help you with medical bills if someone is injured while visiting your rented home, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Fresno?
Your personal belongings are covered by renters insurance in Fresno, but not the structure of the building. This is the landlord's responsibility. Some dangers are not covered by renters insurance, so it's a good idea to get additional coverage.
Water damage is covered by renters insurance, for example, but flood-related water damage is not covered by most standard insurance policies. If you want to be protected from floods, you can purchase extra flood insurance through the National Flood Insurance Program (NFIP).
Because not all renters insurance policies are the same, earthquake damage, damage to your car, jewelry and other assets valued at more than the policy limits may be excluded.
MoneyGeek recommends that you read the policy thoroughly before completing your purchase to ensure that you have accurate coverage.
Frequently Asked Questions About Renters Insurance in Fresno
MoneyGeek compiled the answers to your commonly asked questions about renters insurance in Fresno below.
Renters Insurance in Fresno Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Fresno 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
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 8, 2022.