Building damage done by an earthquake

Getting Home Insurance in Sacramento

Sacramento is the capital city of California, a state where the cost of homeowners insurance is a little more than average for the rest of country. According to the Insurance Information Institute, on average, homeowners in California pay $922 a year for premiums. However, depending on factors like the value and age of your home and the company you choose to work with, what you pay for insurance in Sacramento could end up being less than the state average. The best way to ensure this is to compare prices. The California Department of Insurance provides a premium survey that will allow you to compare prices from dozens of providers in Sacramento based on the information you enter in about your home. For example, according to this survey, if you have a $150,000 home that is seven to fifteen years old, and you have a $500 deductible, you may be able to get insurance for $520 from Century National Insurance Company, $481 from Travelers Commercial Insurance Company, or $621 from Fidelity National Insurance Company.

Factors of Home Insurance Rates in Sacramento

The risk of natural disasters is taken into consideration when determining what you will pay for homeowners insurance in Sacramento. California is prone to wildfires, and since most insurance policies cover fire and smoke damage, your premium may be higher because of this risk. Other natural disasters that occur in California include earthquakes and mudslides. Unfortunately, earthquake damage is not included in most policies, but the Department of Insurance provides a tool for you to compare premium prices for earthquake coverage. Also, damage caused by mudslides, depending on the provider you are working with, may be categorized as flood damage. Flood insurance must be purchased separately, in most cases.

Location is another key factor that insurance providers look at when determining your rates. There are a couple of reasons why the location of your home is important. One pertains to fire protection. The proximity of your home to a fire station and fire hydrants will affect your cost. Another reason is local crime rates. Most policies will cover you for losses and damages resulting from theft and vandalism, so the providers determine the risk involved in insuring you by researching the crime rate in your area. The chart below details the crime rates in Sacramento:

  Robbery Burglary Larceny-theft
2010 1,491 5,027 11,179
2009 1,606 5,135 11,720
2008 1,761 5,216 12,373

Other factors that can affect what you pay for a policy in Sacramento include whether you have a swimming pool, playset, or other type of structure that may increase the likelihood of someone being injured on your property, therefore increasing your liability. Also, the types and number of pets you have play a role because most policies will cover pet damage. Therefore, certain pets may cause your premium to go up. Your credit score will affect your rates because providers see it as a direct reflection of your ability to make your payments. If your credit score is low, providers may increase your rates to compensate for the risk of not receiving payments from you or the increased risk of excessive claims, whereas if your credit score is high, you may have lower rates because the provider has faith that you will make your payments.

Home Insurance in California

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