In the last five years, Oakland median home prices have shot up from $625,000 to $900,000. This is good news for homeowners who are looking to sell their homes, but it may be a problem for new buyers who pay higher prices. There are additional expenses to consider, such as property taxes and home insurance. Oakland’s average home insurance rate is $1,021 per annum for a $250,000 house. While this is lower than the national average of $1,312, some homeowners may still find it hard to afford.
Fortunately, there are cheap home insurance providers in Oakland that beat the city average by nearly half. The monthly cost of home insurance should not be too painful if homeowners know which discounts they can take advantage of.
Oakland’s best home insurance company
Bankrate selected the following five companies to make its shortlist for Oakland’s best and most affordable homeowners insurance. We reviewed coverage offerings and rates from the best home insurance companies in the area. We reviewed customer ratings from J.D. The Power home study and other sources revealed that the five top home insurers in Oakland offer the best home insurance rates.
Mercury
Mercury Insurance is Oakland’s cheapest insurance carrier, with an average annual premium that is almost half of the city average. Mercury was not ranked in the J.D. The J.D. Power home insurance study takes into consideration policyholder reviews. The carrier is likely too small and local to be included on the list. However, the NAIC complaint database shows that Mercury Insurance had only three complaints last year. It is clear that Mercury offers affordable home insurance and reliable customer services to Oakland homeowners, based on all available information.
Travelers
With a user-friendly website and app, Travelers Home Insurance has a strong digital presence. Travelers Insurance’s online knowledgebase will be a great resource for new homeowners. It also offers tutorials on insurance. Travelers also offers unique coverages that you won’t find with other low-cost carriers such as green home insurance. This option allows you to replace damaged items, systems or materials with more energy-efficient or environmentally-friendly alternatives.
USAA
USAA receives high marks from J.D. despite the fact that it is limited to military personnel and their families, but the insurance company still gets top marks. Power’s annual home insurance survey. Respondents appreciated the speed with which claims were handled and the additional coverage that is included in an HO-3 policy (such as identity theft protection and replacement cost) that was free. USAA does not have physical offices or agents, but you can get coverage and handle your insurance needs over the phone, through the mobile app or on the USAA website.
State Farm
State Farm probably ranks high in Oakland due to its network of local agents and offices. State Farm agents do not sell multiple carriers like the other carriers. They are solely employed by State Farm. State Farm is committed to innovation in home insurance. Residents in California can receive a free Ting device, which is a smart plug-in sensor that can detect an electrical fire before it starts and alerts you of the issue.
Progressive
Both State Farm and Progressive tie in price based upon average Oakland annual premiums. Progressive has a lower customer rating, while State Farm has a better one. Progressive is still worth a quote. A number of factors are taken into consideration by insurance companies when pricing home insurance. You might get a lower rate than the average. You could save time when comparison shopping by using Progressive’s Homequote Explorer tool. You will get a quote from Progressive as well as quotes from other carriers.
Oakland home insurance considerations
Home insurance is optional if you have not financed your home. However, it can be a smart way to protect your investment. Home insurance is much cheaper than rebuilding a house. Standard home insurance policies cover you for many perils, including theft, fire, windstorms, and even fire. Two of the most severe perils, earthquakes and flood insurance, are not covered. Both coverages would be added to your policy.
You may also want to look at the following optional coverages:
- Extended replacement costs: In the event that rebuilding costs are higher than expected, an extended replacement cost will automatically increase your dwelling limit.
- Green rebuild: If you have to rebuild, repair, or replace items following a covered loss you can use greener, more efficient materials.
- Personal property rider: The HO-3 limits the amount of coverage it can provide for clothing and jewelry. A personal property rider covers designer jewelry and clothing valued over $1,000.
Oakland home insurance discount
Many carriers offer discounts for homeowners who pay early, have safety features installed or have not had any claims in the past. You can save even more by asking your carrier about discounts for homeowners in Oakland who have found affordable home insurance. Take into account:
- Discount for new construction: Upgrade your home with better electrical, plumbing, and a new roof or buy a newer-home to get a discount.
- No claims: Homeowners who have never had to file a claim against their home insurance may be eligible for a discount on their premiums.
- Multiline: You may be able to save both your premiums and your auto insurance by adding it to your homeowners policy. If you have both a claim and an auto accident, some carriers will allow you to share the same deductible.
Multiline discounts may be the most important of all three. You may be eligible to combine discounts to get a greater discount by qualifying for as many of the three.
Questions frequently asked
Which is the best company for home insurance?
The best home insurance company depends on whether you are in search of the cheapest home insurance or a carrier with special coverages. The rating of your personal factors, such as your location, claim history, and the size of your home, will also affect it. Compare quotes to determine the best home insurance company.
What is the cost of Oakland home insurance?
Oakland home insurance rates average $1,021 annually for $250,000 of dwelling coverage. Rates in the city are lower than the national average at $1,312.
