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By: Ramu Garuda  June.06, 2019

Gavop analyzed home insurance rates in California and found that the cheapest and the most expensive premiums vary by a margin of $1,708. For this analysis Gavop considered a standard deductible of $500. A deductible is the amount that a homeowner agrees to pay out of their pocket in the event of a claim. For example, if your claim amount is $1,500 and the deductible amount in your policy is $500, then your insurance provider will pay $1,000 toward your claim.

Tokio Marine America is the most inexpensive provider offering a premium of $410. Some other providers who offer low-end premiums are Mercury Insurance Group with $449, followed by Pacific Specialty with $485, and Allstate with $496. California Capital is the final name in the list of the 10 low-premium home insurance providers, offering a premium of $643.

On the high-end of the premium scale is Bankers Standard, with the most expensive premium of $2,118. At $1,748 Privilege Underwriters Exchange is the second most expensive provider in the state. Chubb/Federal is third with an insurance rate of $1,387. American Modern is the final name in the list of 10 high-end providers, with an offered premium of $937.

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The laws in the state of California mandate that to get a home mortgage, you should buy home insurance. The unique geographical features of this state have been linked to many natural disasters such as earthquakes, wildfires, floods, etc. While a standard insurance policy will cover for fire damage, California homeowners have to buy additional coverage for damages related to other natural disasters such as earthquakes and wildfires.

Another factor that greatly affects home insurance rates is the location of your home. Gavop found that the average home insurance premium in California is about $820, almost $400 less than the national average of $1,218.

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Long Beach, located on the Pacific Coast within the Los Angeles metropolitan area in the southern part of California, is the most populous city in the state, with a median premium of $1,004. San Mateo comes second with a population of 386,093 and a median premium of $884. Inglewood, located in the Southern Bay region of the Los Angeles County, is the third most populated city with a population count of 369,012 and a median premium of $1,124. Gavop’s findings on the median premium for the 10 most populated cities are listed below.

CitiesPopulationMedian Premium
Long Beach463,589$1,004
San Mateo386,093$884
Inglewood369,012$1,124
Hayward367,963$953
Compton338,647$1,198
Fremont326,899$912
Pasadena270,209$758
Glendale192,537$897
Santa Clarita175,922$1,037
Thousand Oaks159,848$908
Lancaster155,496$1,202


ABOUT THE AUTHOR

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Ramu Garuda

Ramu is a research analyst with over 7 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.

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