When you’re considering whether or not to buy a home in California, one of the primary factors you’ll be weighing is the cost of homeowner insurance. After all, even if you don’t live in the state, your house is likely situated within its boundaries and could be at risk in an event of a natural disaster.
If you’re thinking about moving to California but aren’t sure how much coverage your home will need, check out our blog post on how much is covered by Covered California insurance. We’ll outline the types of coverage that are available as well as give you an estimate of how much it will cost.
California Insurance Requirements
In California, all drivers are required to carry liability insurance. The minimum requirement is $15,000 per person, per occurrence. This coverage must include personal injuries and property damage. In addition, California requires auto insurance for all vehicles registered in the state.
The minimum liability requirement is $50,000 per person, per occurrence. Finally, California requires that insurance companies offer medical payments coverage of at least $100,000 per person for accidents that occur while the policyholder is using their vehicle for transportation or employment purposes.
Types of Coverage
There are many types of California insurance coverage, so it can be hard to figure out what you need.
Auto: Your auto policy will probably cover damage to your vehicle from an accident, includingParts and Labor. You may also have liability coverage for people who are in your car with you at the time of the accident.
Homeowners Insurance: Most homeowners policies in California include coverage for both property damage and personal injury. Coverage can range from $100,000 per occurrence up to $500,000 per household (or individual), depending on the policy. Personal injury protection (PIP) may also be included in some policies.
renters insurance : Renter’s insurance is important if you’re living in a rental property. It will usually cover damage to the structure or contents of the rental, as well as injuries to people living inside the property. Policies typically have limits on how much they will pay out per incident, but they generally offer more comprehensive coverage than most homeowner policies do.
Business Insurance: Businesses in California need specialized business insurance that covers a variety of risks, such as computer theft or fire loss caused by faulty wiring or appliances. Many businesses opt for commercial general liability insurance, which covers businesses from lawsuits filed by customers or employees alleging negligence or wrongdoing.
What Is Covered
The California Department of Insurance (CDI) maintains a list of all types of insurance that is required by law. This includes property, automobile, health care, life, and disability insurance. The minimum amounts for these coverages are as follows: property insurance: $50,000 per occurrence; automobile insurance: $10,000 per incident; health care insurance: $250 per day for the first 30 days; life insurance: $50,000 per person; and disability insurance: $20,000 per person.
Who Is Covered
Anyone in the state of California is covered by health insurance. This means that, even if you are not a resident of the state, you are legally required to have health insurance. Covered California is the marketplace where people can buy health insurance policies. The policies offered through Covered California are regulated by the Affordable Care Act, or Obamacare. Obamacare requires all Americans to have some form of health insurance or face a tax penalty.
Covered California offers a variety of plans with different price points and coverage levels. The plans available through the marketplace vary in terms of their minimum essential coverage requirements and what services they cover. Most plans offer at least some type of children’s coverage, as well as maternity care and newborn-care benefits.
How Much Does It Cost?
Covered California is a state-sponsored health insurance program that offers coverage to individuals and families in the state. The program is administered by the California Department of Managed Health Care (DMHC).
The average monthly premium for a family plan in 2016 was $393. The average monthly premium for an individual plan was $192. There are three types of plans available through Covered California: bronze, silver, and gold. The coverage levels for each type of plan are as follows: bronze covers 60 percent of costs, silver covers 70 percent of costs, and gold covers 80 percent of costs.
In order to be eligible for coverage through Covered California, you must first have proof of residency in the state (i.e., a driver’s license, ID card, or voter registration card). You also must have health insurance that is currently in force and meet certain eligibility requirements (e.g., being age 18 or older, having continuous residence in the state since January 1st of the year before enrollment, not being incarcerated at any time during the previous 12 months, not being enrolled in Medicare or Medicaid). You can find out more about Covered California’s eligibility requirements on their website.
Conclusion
As a Californian, you should be aware that the state of California has some of the most comprehensive health insurance laws in the country. This means that not only will you have access to a variety of benefits and services, but your insurance policies will also cover a wide range of medical expenses. Knowing how much is covered by your policy can help you get the most out of it and protect you if something unfortunate happens. To find out more about what’s covered under your policy, chat with an insurance broker or compare rates online.
