The Cheapest and Best Renters Insurance in Stockton
The Companies With the Cheapest Renters Insurance in Stockton
The primary factor that renters consider while choosing a policy is the cost of coverage. You are likely to find similar coverage options across most lenders, and comparing quotes before a purchase can help you secure the best rates.
Based on MoneyGeek’s research, the cheapest renters insurance companies in Stockton include:
- Lemonade: $101 per year
- USAA: $104 per year (limited to military members and their families)
USAA offers better overall value to eligible policyholders since the company reimburses items at replacement costs, and standard policies contain earthquake and flood damage.
The rates used in this study represent a policy with a personal property coverage limit of $20,000, a liability coverage limit of $100,000 and a $500 deductible. Using the table below can help determine how rates vary in Stockton for different personal property coverage limits.
Renters who live elsewhere in the state can use our ratings to compare statewide renters insurance rates in California.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Stockton?
The best insurers balance affordable pricing with outstanding customer service. From MoneyGeek’s findings, the top renters insurance companies in Stockton overall are:
- Best Overall: USAA (only serves military members and their families)
- Runner-up: State Farm
MoneyGeek determined the best renters insurance in Stockton based on affordability, customer satisfaction scores from J.D. Power and financial stability ratings from AM Best. The best insurers also offer unique coverage options that may not be common among other renters insurance companies.
USAA is the best insurer in Stockton. The company received the highest affordability, financial stability and customer satisfaction scores, although its policies are limited to current and former military members and their families.
USAA’s renters insurance policies are consistently affordable in the United States. The insurer offers flood and earthquake damage as part of its standard policy, which is not the case with other insurers. All USAA policyholders get reimbursed for damaged items at the replacement cost. That means your policy will cover the cost of new items of similar type and quality as the ones lost or damaged.Read MoneyGeek's USAA renters Insurance Review
State Farm had the second-highest overall score in Stockton, with one of the highest financial stability scores. State Farm offers inflation coverage, which allows your property coverage limit to increase automatically with time.
State Farm provides various additional coverage options to policyholders. The company’s identity restoration coverage costs $25 per year and protects you against the cost of identity fraud. Aside from inflation coverage, the insurer also allows you to increase limits for valuable items like business property and jewelry while getting your renters insurance quote.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Stockton for 2023
renters insurance is equal to the average.
In Stockton, renters insurance policies cost an average of $234 per year. That’s about $75 more than the national average. The monthly premium is about $20, which is $6 higher than the national average per month.
What Factors Impact Renters Insurance Costs in Stockton?
While there are several factors that impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount. How much you pay for renters insurance depends on the amount of personal property you have. Renters with more property pay higher premiums than those with fewer items.
- Location. Where you live in Stockton slightly influences your renters insurance rates. If you live in an area prone to wildfires, harsh weather and crime, you may pay higher premiums than the average policyholder.
- Deductible. The amount you pay out of pocket before your insurer processes your claims is known as the deductible. Insurers charge higher premiums for policies with a lower deductible amount since policyholders will need to pay less out-of-pocket after filing a claim.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV). Insurers replace your damaged items using either the actual cash value (ACV) or replacement cost value (RCV) method. ACV policies cost less because they reimburse lower amounts for old items whose value has depreciated over time. Meanwhile, RCV policies feature higher rates since they do not consider depreciation when determining reimbursement costs.
- Credit score. Stockton insurers do not consider your credit score while calculating your renters insurance premiums in California, although this is the case in most states.
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Does My Stockton Neighborhood Impact Cost of Renters Insurance?
Although your neighborhood may significantly impact the cost of other types of insurance, it only has a small effect on your renter's insurance premium. MoneyGeek found that your rates will vary only by a few dollars per month depending on where you live within Stockton.
Understanding Renters Insurance in Stockton
Renters insurance policies provide a cheap way of protecting your personal property from damage caused by theft, fire, harsh weather conditions and similar covered incidents. Although renters insurance is not legally required in Stockton, MoneyGeek recommends buying a policy, and some landlords may also need it before allowing renters to sign a lease agreement.
What Does Renters Insurance Cover in Stockton?
While shopping around for cheap renters insurance in Stockton, selecting the right coverage limit can help you get the best policy for your needs. Typically, your renters insurance policy offers an affordable way of insuring your items against theft and damage. Based on the FBI report, Stockton reported 3,408 property crimes per 100,000 residents in 2019. That’s 80.32% more than the national average.
Most policies often feature the following core coverages:
- Personal property coverage: This covers your personal belongings from fire, theft, vandalism, electrical malfunctions and some weather-related damage, as listed in your policy.
- Additional living expenses: If your rented unit is uninhabitable after covered damages, your policy will cover the costs you incur getting temporary alternative housing.
- Liability insurance: This coverage pays for legal expenses associated with accidents that occur in your home and injure other people.
- Medical payments coverage: This coverage pays the medical costs of individuals who get injured while in your rented property, regardless of who caused the accident.
What Is Not Covered by Renters Insurance in Stockton?
Generally, renters insurance covers your personal property but excludes the cost of repairing or replacing the structure of the rental unit since that’s the landlord’s responsibility.
Your policy doesn’t cover several other incidents, including water damage that results from flooding. Renters who need flood insurance can purchase separate policies through the National Flood Insurance Program (NFP).
Renters insurance policies also exclude the possessions of your roommates, along with damage from earthquakes. Jewelry and other valuable items with a higher value than your coverage limits, as well as damage to your car, will be excluded as well.
Policy terms vary across insurers and we recommend reading through the guidelines carefully to determine what your policy will and will not cover.
Frequently Asked Questions About Renters Insurance in Stockton
While buying renters insurance in Stockton, you need to select a policy that combines affordability and quality service. MoneyGeek answered the most frequently asked questions about renters insurance in Stockton. These include:
Renters Insurance in Stockton Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Stockton to help you find cheap policies. 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. "2019 Crime in the United States." Accessed June 8, 2022.