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The Golden State is known for many things, including beautiful beaches, fruit and wine, cosmopolitan cities, and the movie industry. California is so large that if it were its own country, it would have the world's fifth-largest economy. There are major homeowners insurance risks that you should be aware of. Whether you’re looking to move there, or are already a Californian.
How much does home insurance cost in California? Homeowners insurance premiums in California are moderate compared to other states. The average cost of homeowners insurance in California is $986. That's slightly lower than the national average of $1,173. There are 29 states and the District of Columbia that have higher average home insurance rates than California.
|California Annual Average||$966||$974||$986|
|California Price Per Month||$81||$81||$82|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average California home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, California homeowners insurance rates increased from $967 in 2011 to $986 in 2015, a jump of $19 dollars, or 1.96 percent.
Shopping for homeowners insurance in California can seem like a lot of work. From researching companies to comparing rates, it’s easy to get overwhelmed.
Let QuoteWizard help. Fill out our easy to use (and understand) form and you’ll be well on your way to finding affordable home insurance. How? We’ll put you in touch with top insurance companies so you can compare quotes and get the best rates.
Last year, 48,266 people used QuoteWizard to compare home insurance quotes in California from multiple companies to get the best rates.
Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of California. Out of the 48,266 California homeowners that used QuoteWizard to request insurance quotes last year, 2,332 had no home insurance.
The above list shows California’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the best homeowners insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Strength||Market Share|
|1||Farmers Insurance Group||A||16.2%|
|3||CSAA Insurance Exchange||A+||6.4%|
|5||Auto Club Exchange Group||A||5.4%|
|8||Mercury General Corp.||A-||3.6%|
Many factors come into play when insurance companies calculate homeowners insurance rates. Some, like the age of your home, are unique to each person and house. Others, like crime rates or natural disasters, affect all CA residents.
How much you’ll pay for insurance varies depending on the home. These are the main factors that affect your house’s rates:
If you’ve filed several claims over the past few years, you’ll likely have higher home insurance rates. Claims usually stay on your record for five to seven years. If you file another claim during that time, your prices could soar. Because of this, homeowners try not to file any avoidable claims.
If you own an exotic pet or a specific dog breed, you may pay more for home insurance. Or, you may even have a difficult time finding a company to insure your home in the first place. According to the AVMA, just over half of California homes own a pet, the third lowest rate in the country.
Your credit score will also determine your insurance prices. Home insurance companies look at your credit score while pricing your policy. Unfortunately, people with bad credit pay more in premiums. CA falls in the middle of the credit score spectrum, with the 26th best average credit score in America.
CA is the second-most natural disaster prone state in America, which is why California has higher-than-average rates. But it’s also the third-largest state by area, so climate varies depending on where you live. Homeowners insurance hazards are different depending on whether you’re in Northern or Southern CA. If you live in NorCal, make sure your roof can handle the rain and constant fog. If you’re in SoCal, check for foundation cracks in case of an earthquake. And take steps to mitigate your home’s fire risk.
No matter where you are in the state, CA faces a variety of natural disasters. These include:
California has a high earthquake risk, and homeowners insurance doesn’t cover earthquake damage. Make sure you buy a separate policy to cover earthquake damage.
According to the California Department of Insurance, there are steps you can take to prepare your home for a natural disaster.
Burglary is a serious property crime. Areas with high burglary rates have higher homeowners insurance premiums. CA has the 25th highest property crime rate in America. In 2017, California’s average property crime rate was 2,496.7 per 100,000 people. Luckily, property crime in the state is down more than two percent from 2016.
Property crime (and the high premiums that result from it) depend on the city you live in. For example, Palo Alto has an average of 21.6 property crimes annually per 1,000 residents. Whereas Sacramento has an average of 34.92 property crimes annually per 1,000 residents.
Like preparing for natural disasters, there are steps you can take to prevent property crime. These include: alarms, security cameras, deadbolt locks, and more.
As a homeowner, you have several policy options when shopping for home insurance. In CA, you can choose from these insurance types:
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