Getting Home Insurance in Oakland
Home insurance in Oakland ensures that homeowners will be protected against the cost of damage that their homes and belongings may experience as a result of severe weather, fire, and other perils. In the event of a disaster, some policies may also pay for the additional living expenses homeowners incur while displaced from their homes. Insurance also provides liability coverage, which protects homeowners in the event that a person is injured on their property, or in the event that another person’s property is damaged as a result of their negligence. The average cost of homeowners insurance Oakland is $922, which is higher than the nation’s average of $880, according to the Insurance Information Institute. This may be because of the number of Oakland residents who have earthquake insurance, which is a separate policy from homeowners insurance, and which increases the cost of premiums. However, earthquake insurance is very necessary in parts of California — including the Oakland area, where a 4.3 magnitude earthquake recently hit — as earthquakes are an ongoing threat.
Factors of Home Insurance Rates in Oakland, California
In the state of California, insurance companies set their own rates, which must be approved by the California Department of Insurance. Rates are affected by a variety of factors, like location, the age of the home, the amount of coverage needed, proximity to fire protection, and the number of claims made in the past, according to the California Department of Insurance website. Another factor that insurance companies take into consideration is the amount of criminal activity around the home. Higher instances of crime lead to higher average rates. The chart below outlines the average crime rates in Oakland: