Irvine, California has a population of 287,000, and a 46.8% home ownership rate. The median home price is $838,000. A comprehensive homeowners policy is required to protect such high-value items as Irvine’s home. These policies cost an average of $1,027 per month for $250,000 in dwelling coverage. This is lower than the national average $13,312 per year. Bankrate compared multiple insurance companies to determine which one offers the best homeowners insurance rates in Irvine. It also looked at other important features such as coverage options and digital tools.
Find the best home insurance Irvine companies
Bankrate compared several national carriers to determine which ones offered affordable homeowners insurance in Irvine, according to 2020 rate data and customer satisfaction ratings using the 2020 J.D. Power & Associates’ home insurance study. We also compared accessibility and policy options.
Mercury, a California-based insurance firm founded in 1961, relies on the strength of its 9,400 agent network. Bankrate also found that Mercury has the lowest average premiums among all the carriers, at $590 per annum for $250,000 of dwelling coverage. Mercury provides homeowners many coverage options including personal liability coverage and identity protection. You may also be eligible for discounts on new construction or bundling of your auto and home policies.
You will be eligible for the USAA discount rates and benefits if you meet the eligibility criteria. This means that you must be an active military member, veteran, or close family member. Another indicator of the strength and stability of this San Antonio-based carrier is the A++ Superior rating from AM Best.
State Farm was founded in 1922 and has over 19,000 independent agents. The app allows you to get a quote online or by calling the customer care number. This is a testament to the innovation of this large carrier. The homeowner’s insurance policyholders have the opportunity to receive competitive rates and some of the lowest rates on the list. With a customer satisfaction rating of 829 points out of 1000 possible points from J.D., the standard for industry is high. Power.
Progressive is currently the third largest provider of insurance in America. It continues to grow to meet the needs of policyholders for competitive rates and high customer service. You can access all your documents and get a quote, make changes to your policy or file a claim from one location. The Superior rating by AM Best further shows how financially sound Progressive is, even after writing policies for 84 years.
Travelers, a New York-based insurer company, was founded in 1865 and offers many coverage options for homeowners. You can still find standard coverages like dwelling and liability. However, Travelers also offers unique options such as water backup or sump pump overflow coverage. They also offer personal articles floaters for higher-value items. You can get discounts by bundling or other means, according to the Travelers website. This could save you as much as 12% on your premiums.
Irvine home insurance tips
Homeowners insurance is not required by law, unlike auto insurance which is required in California. When financing a home, however, most lenders will require that you purchase a policy. You can also protect your investment by purchasing a policy that covers a range of coverage options such as:
- Earthquake coverage: While most homeowners policies don’t include earthquake coverage you can purchase a separate endorsement to provide additional protection in the event that your home is severely damaged by an earthquake.
- Scheduled personal property coverage: Homeowners Insurance provides coverage for personal items inside your home such as clothing and furniture. You will need to have a separate schedule personal property policy if you have valuable items like fine art or jewellery.
- Replacement cost coverage: This coverage covers you if the replacement cost of your damaged items is based on the current market value. It is different from a policy that pays an item but does not include the depreciated.
Irvine home insurance discounts
There are many ways to save money on home insurance, even if rates fall below the $1,312/year national average. You can find discounts like:
- Paperless statements: You can save money on your premiums by opting to receive your statements electronically. This will also help the environment.
- Construction of a new home: Carriers may offer additional savings for homes less than 12 months old if they are constructed from scratch.
- Bundling: You can save a lot if you buy from the same company that you already have your auto insurance policy.
You can save more with homeowners insurance. Not only are there discounts, but also other options. Compare multiple carriers simultaneously to find the one that offers the best rates and provides the most coverage for your budget. You can also lower your premiums by raising your deductible. This is because you take on more risk and pay more out of your pocket in the event you have to file a claim.
Questions frequently asked
Which is the best company for home insurance?
The best home insurer is one that offers great rates, great coverage options, and discounts. It also has positive customer reviews.
What is the cost of Irvine home insurance?
For $250,000 of coverage, homeowners insurance in Irvine costs $1,027 annually. You can only get a quote to find out your exact rates, as rates are determined based on specific information like the zip code and the location of the house.