By: Ramu Garuda August, 28, 2019
Homeowners in Los Angeles pay an estimated homeowner’s insurance premium of $655 per annum, which is significantly lower than the national average of $1228. This is due to factors such as lower crime rates, better response times from the fire departments and lower chances of natural calamities striking Los Angeles.
Homeowners in Los Angeles can lower their premiums further by using superior fire-resistive material for their construction. Fire-resistive constructions can earn homeowners a discount of up to 26% on the insurance rate. Those with brick veneer constructions can get up to a 6% discount on their insurance, and homeowners living in masonry constructions get a discount of up to 17%.
Los Angeles homeowners who haven’t filed an insurance claim before are also eligible for discounts as insurance companies view them as safer investments. Not having filed a claim before can get homeowners a discount of up to $59. On the other hand, homeowners who have filed a claim before may have to pay an additional amount of $59 on their insurance, and those having filed 2 claims before may have to pay an additional $92.
Senior citizens in Los Angeles get a discount of about $92 for their homeowner’s insurance rate. Los Angeles residents can lower their homeowner's insurance rates by installing better safety features in their homes. Installing deadbolt locks can get homeowners a discount up to $118, and equipping the property with fire extinguishers can lower insurance rates by $52.
Insurance firms grant homeowners a discount of up to $98 for functioning smoke detectors and up to $59 for sprinkler systems. A discount of up to $79 can be availed by installing fire alarms. Protecting with property with a burglar alarm system can earn homeowners get a discount of up to $52. Los Angeles homeowners who have a lightning protection system in their homes are eligible for a nominal discount of $26.
Los Angeles homeowners can also lower their home insurance costs by bundling multiple insurance policies under one insurance company. Those who bundle their home and auto insurance policies can get a discount of up to 12%. whereas bundling a homeowner's insurance policy with a life insurance policy can attract a discount of 11%. Bundling all three insurance policies—homeowners, auto, and life—can help homeowners get a discount of up to 27%.
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.