By: Ramu Garuda August, 20, 2019
According to a Gavop study, homeowners in California pay an average homeowners insurance rate of $1,570 per annum. The study also shows that a majority of California homeowners opt for an HO-3 home insurance policy.
An HO-3 policy is one of the most comprehensive homeowner’s policies available in the market and among the highly popular homeowner’s policies in California. An HO-3 policy provides an all-risks coverage for buildings and broad named-peril coverage for personal property. It is also the most common insurance package written in Georgia.
An HO-3 policy covers the home structure, not the contents inside, against perils other than those specifically excluded.
Homeowners with insurance worth less than $49,999 pay an average insurance rate of $380 per annum, while homeowners with insurance worth more than $500,000 incur an average insurance rate of $2,369 per annum. In Georgia, homeowners pay an average homeowner's insurance rate of $1,045 per annum for an HO-3 policy.
An HO-3 policy offers coverage for the following scenarios:
The graph shows different insurance rates under an HO-3 policy for various insurance ranges. The average insurance rate across all ranges is about $689 per annum.
In the city of Los Angeles, the typical home insurance rate is about $1,680.
Ramu is a research analyst with over 9 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.