Flood damage in a neighborhood

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:

  Robbery Burglary Larceny-theft
2010 2,917 4,961 7,720
2009 2,898 4,798 8,833
2008 3,323 4,488 8,915
Flood coverage is purchased in a separate policy, and is not generally included in standard homeowners insurance. Even though purchasing flood insurance will drive up costs, having this coverage will prevent you from having to pay out of pocket for water damage. Damage from flooding is often the real threat in many instances of severe weather. As Oakland is part of the Bay Area, and flooding was the most common natural disaster from 1950 – 2010, according to California’s Natural Hazard Risk Assessment, Oakland residents are strongly encouraged to purchase a flood policy. To get an estimate of what a premium in Oakland may cost you, visit the California Homeowners Premium Survey.

Home Insurance in California

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