Department updates homeowners’ premium comparison tool to save consumers money

SACRAMENTO, Calif. Sept. 6, 2017- Over the last decade, the housing market has changed dramatically. To keep up with those changes, the California Department of Insurance updated its Homeowners Premium Comparison Tool to reflect the changing insurance market and ensure California consumers have the most up-to-date information to make informed decisions and hopefully save money.
The department’s Homeowners Premium Comparison Tool is an easy-to-use online tool designed to take some of the guesswork out of shopping for insurance by allowing consumers to quickly and easily make comparisons of premiums from national and local insurance companies before buying homeowners, condominium, renters, mobile homes, or earthquake insurance. With more than a hundred insurers licensed to sell residential insurance in California, the range of coverage options is wide. Making side-by-side feature comparisons allows consumers to make informed coverage choices.
“It pays to shop around to find the coverage that meets your needs,” said Insurance Commissioner Dave Jones. “Because this update provides consumers with realistic estimates, it’s an even more useful tool.”
While the online tool does not provide actual premium quotes, it does provide each company’s sample premium and a toll-free number or website address for consumers to ask questions about available discounts or credits and receive an actual premium quote. The tool also includes a link to the specific company’s performance based on the most recent consumer complaint study.
Using this tool, a couple in Sacramento shopping to insure their 26-year-old Southgate area home with a $200,000 homeowners insurance coverage plan and a $1,000 deductible might find their premium options range from $290 to $1,693, with an average price of $709. Compare this to a family in Los Angeles shopping to insure their six-year-old Norwalk area home with a $500,000 homeowners insurance coverage plan and a $1,000 deductible who might find their premium options range from $555 to $4,535, with an average price of $1,392.

Notes:

  • In San Francisco, for a 26-year-old home in Glen Park, a $750,000 homeowners insurance coverage plan with a $2,500 deductible, the premium would range from $738 to $4,666, with an average price of $2,262. For a condominium in the same area for a $75,000 condominium insurance coverage plan with a $1,000 deductible, the premium would range from $153 to $977, with an average price of $393.
  • In Orange County, for an apartment in Santa Ana, a $50,000 renters insurance coverage plan with a $500 deductible, the premium would range from $134 to $1,590, with an average price of $324.
  • In San Diego, for a 41-year-old home, a $300,000 homeowners insurance coverage plan with a $500 deductible, the premium would range from $465 to $2,074, with an average price of $983. For a condominium in the same area a $50,000 condominium insurance coverage plan with a $500 deductible, the premium would range from $89 to $864, with an average price of $272.
  • Homeowners Insurance Premium Comparison Tool
  • Homeowners Insurance Premium Comparison Infographic
  • If you cannot get homeowners insurance you may obtain fire coverage through the FAIR Plan. Please ask your agent or contact the FAIR Plan for assistance.
  • A toll-free telephone number and/or web address for each company is provided so consumers who are interested can request an actual premium quote that specifically addresses their insurance needs.
  • Each company has provided optional coverages, available discounts and/or credits, and footnotes (explanations), which may impact insurance premiums. All insurance policies have limitations and exclusions.
  • Insurance companies frequently make changes to their policies. Your current policy or the policy you are offered may be different than those shown here. Before purchasing a policy, please check with an agent or company representative to ensure the coverage you are offered is the coverage you want to buy.
  • The California Department of Insurance does not endorse or recommend any particular company.
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