The Cheapest and Best Renters Insurance in Modesto
The Companies With the Cheapest Renters Insurance in Modesto
Since most insurance providers offer the same core coverages, the cost of renters insurance in Modesto should be a major consideration. You can compare renters insurance quotes from several insurers to pick the coverage that best matches your needs.
Our data shows that the following insurers offer the cheapest renters insurance in Modesto for the average consumer:
- Lemonade: $91 per year
- USAA: $97 per year (Only available to current and former military members and their families)
Although USAA only offers insurance policies to current and former military members and their families, those who are eligible can qualify for exclusive coverages and savings; all of the company's policies include flood and earthquake damage and reimburse policyholders for the replacement cost of their belongings.
To evaluate the cheapest renters insurance companies in Modesto, MoneyGeek used a policy with $20,000 in personal property coverage limits, $100,000 in liability coverage and a $500 deductible. Your policy, however, may include different coverages, so the actual cost you pay will vary. You can see how policy rates change for various personal property coverage limits in the table below.
Renters in the state who live outside of Modesto can compare renters insurance across California.
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What Are the Best Renters Insurance Companies in Modesto?
According to MoneyGeek’s research, the best renters insurance companies in Modesto are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: State Farm
These insurers topped MoneyGeek's unique scoring methodology, which takes into account affordability, J.D. Power customer satisfaction scores and AM Best financial stability ratings. They also provide unique coverages that are not available from most of their competitors.
With an almost perfect total score, USAA tops our ranking. The caveat, however, is that you can only get a policy from the company if you have a military affiliation.
USAA is consistently one of the cheapest insurers in the country, including in Modesto, California. The insurer offers various unique coverages such as reimbursement of items at their replacement cost, ensuring that you receive items of comparable quality to those you lost. USAA will also still cover you if you are deployed or decide to relocate overseas.
Sporting an above-average customer satisfaction rating and excellent scores in affordability and financial stability, State Farms received the runner-up spot for the best renters insurance in Modesto. The insurer offers identity restoration and other unique coverages.
It’s not uncommon for State Farm to be included in the list of the cheapest insurance carriers in the country. It also provides policies rarely offered elsewhere, like inflation coverage, which ensures that your personal property coverage limits increase with inflation. If you reside in an earthquake-prone area, you may consider purchasing State Farm's earthquake coverage.
The Average Cost of Renters Insurance in Modesto for 2023
renters insurance is equal to the average.
Renters in Modesto spend around $241 per year, or about $20 per month, for an average renters insurance premium. This is $82 more than the national annual average of $159.
What Factors Impact Renters Insurance Costs in Modesto?
While the cost of your renters insurance is dependent on several factors, some outweigh others:
- Personal property coverage amount. This is possibly the most important factor in determining your insurance premium. The more personal property coverage you purchase, the more your policy will cost. To get enough coverage at a fair cost, you should complete a home inventory and request a quote.
- Location within a city. The cost of renters insurance in Modesto is somewhat influenced by where you live, but it’s not the most important factor. Neighborhoods with high crime rates, for example, have higher insurance premiums.
- Deductible. The deductible is the amount you must pay when an insurance provider accepts a claim to replace your belongings. Lower deductible plans are more expensive on a monthly basis since the insurance provider will pay more to replace your belongings.
- ACV vs. RCV. You may receive reimbursements based on the actual cash value (ACV) or the replacement cost value (RCV) of your belongings, depending on which is offered by your provider. In the case of ACV policies, the insurer will reimburse you based on the depreciated value of your used items. Meanwhile, RCV insurance covers the cost of purchasing a new item of comparable quality and kind without depreciation. RCV plans are more expensive than ACV since they pay more for claims.
- Liability coverage amount. Adding more liability coverage to your policy won’t drastically affect the cost. You may increase your coverage by thousands of dollars for only a few extra dollars every year.
Calculate How Much Renters Insurance You Need
Does My Modesto Neighborhood Impact Cost of Renters Insurance?
Unlike other forms of insurance, renters insurance prices are only slightly affected by where you live. Our data shows that the location of your neighborhood will only change your monthly premium by a couple of dollars per month.
Understanding Renters Insurance in Modesto
It’s a common misconception that you and your belongings are covered under your landlord’s property insurance policy. In reality, the only property coverage this insurance policy provides is the damage against the rented structure (house, duplex, apartment, etc.).
Therefore, while renters insurance is typically not required by law, MoneyGeek highly recommends anybody renting long-term housing, whether it's a single-family house or an apartment, to seriously consider obtaining a renter’s insurance policy to protect their valuables.
What Does Renters Insurance Cover in Modesto?
When buying renters insurance in Modesto, it’s important to make sure you have the right coverage for your requirements.
Renters in Modesto can use renters insurance to cover expenses from various disasters, such as fires and floods. Another perk renters receive through their insurance policies is protection against both inside and outside of their homes. This is especially important in Modesto, where the FBI reported that property crimes affected 2,770 per 100,000 residents in 2019 — a rate 47% above the national average.
Here are some of the most commonly-offered renters insurance coverages in Modesto:
- Personal property coverage: This is the cost of repairing or replacing your possessions, such as clothing, furniture and gadgets up to the limits of your policy.
- Additional living expenses: If the house you rent suffers damages that make it uninhabitable, your renters insurance will pay for additional living expenses, such as hotel bills for your lodging.
- Liability insurance: If you're proven legally liable for another person's injuries or property damage, this will help cover their medical expenses or property repairs.
- Medical payments coverage: This policy will pay medical expenses if someone is injured while visiting your rented property, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Modesto?
There are limits and exceptions to the coverage provided by renters insurance in Modesto. For instance, the structure of the residence is not covered by renters insurance. The owners should have the policy to protect them instead.
While water damage is usually covered under your renters insurance policy, water damage due to flooding is typically not included in standard coverage. Renters can get additional flood insurance via the National Flood Insurance Program (NFIP).
Furthermore, renters insurance does not cover your roommates' possessions, earthquake damage, vehicle damage or valuable items, like jewelry, whose value exceeds the policy limits. This is why it's important to study your policy thoroughly before making a purchase because no two policies are the same.
Frequently Asked Questions About Renters Insurance in Modesto
Here are some of the most commonly asked questions related to renters insurance in Modesto:
Renters Insurance in Modesto Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes to help you find the cheapest and best renters insurance providers in Modesto. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "2019 Crime in the United States." Accessed June 8, 2022.