Getting Home Insurance in San Francisco
Homeowners in San Francisco can purchase home insurance policies to protect themselves against financial losses that result from fires, earthquakes, mudslides, extreme weather, or burglary. Standard policies will usually include coverage for the structure of your house, loss or theft of your personal possessions, alternative housing and living expenses if you are ever displaced from your home, and injury liability if anyone is ever injured on your property. It is important to note, however, that earthquake coverage is not included in most residential insurance policies and must be purchased separately.
For California residents, this extra coverage is highly recommended. In San Francisco, the nearby San Andreas and Hayward Faults account for much of the earthquake activity.
While California’s average premium for homeowner’s insurance was $922 in 2009, not too much higher than the national average of $880, high home values and the need for additional earthquake coverage can push the average monthly cost of insurance in San Francisco higher than the state average.
Factors of Home Insurance Rates in San Francisco
The location, size, and value of your home, and how much it would cost to replace it, are some of the main considerations insurance companies use when calculating your premium in San Francisco. However, they also consider the materials your home is made of, heating, electric, and plumbing systems, security features, and the amount of coverage you are interested in purchasing. Aspects of your community, such as how close your home is to the nearest fire hydrant and fire station, and the crime statistics for your neighborhood, can also influence your average cost.
San Francisco is a large city, with a population of more than 800,000 residents, and while crime has been an issue in the past for some neighborhoods, statistics have shown a significant decrease as of 2011. In terms of insurance, San Francisco residents may possibly see reduced premiums with reduced crime rates.
As for fire safety, San Francisco has 51 fire stations, serving nearly 1.5 million people in the city and surrounding areas. The local fire department also trains community members in emergency response skills through the Neighborhood Emergency Response Team (NERT) Program. Initiatives like these can help to minimize the damage and loss sustained in the case of fires or natural disasters, which may further reduce premiums.