Getting your home insured is crucial if you are a homeowner in Los Angeles, California. A reliable home insurance policy will guarantee your home and your belongings in case of uncertainties like fire or vandalism. It is essential in cities like Los Angeles, where these incidents are more likely to occur. You cannot be careful enough when it comes to investments, especially with your home and personal property.
Los Angeles, California, offers some of the nation’s most expensive real estate, with the median value of homes in Los Angeles hovering around $752,509. Only 40% of Los Angeles residents are homeowners, which is lower than the national average of 62%.
As a homeowner, having your property insured in Los Angeles is a top priority, especially when you consider the fires that ravaged California in 2018 and 2020. According to the National Association of Insurance Commissioners, California residents lost at least 2.5 billion dollars from wildfire disasters in the past three years. To protect your property against future losses, you need to get it insured.
If what you need is a home insurance policy that is affordable in Los Angeles, you are in the right place. We have provided a comprehensive cost and coverage analysis of homeowners insurance in Los Angeles to help you compare rates from the most trusted insurers in LA and save money finding the right coverage.
|Los Angeles Annual Average||California Average||United States Average|
One of the factors that affect your home insurance cost in Los Angeles is the company you choose to use. As such, your search for the most affordable home insurance should start with a review of the cheapest and most trusted companies available. Currently, Mercury offers the cheapest home insurance policy in Los Angeles at the rate of just $630 a year. It’s very affordable when you compare it with the city’s average premium, which is around $1,240 as of 2021.
Below is a table showing companies with the cheapest home insurance in Los Angeles and their average rates.
|Company||Average Annual Rate|
Coverage level, also referred to as dwelling coverage, plays a vital role in your Los Angeles home insurance’s total cost. Coverage starting at $100,000 can cost $442 on average. The table gives a summary of coverage levels and the average annual rates.
|Coverage Level||Averages Annual Rates ($)|
The area where your house is located in Los Angeles goes a long way to determine your insurance cost. That’s because insurance providers usually consider the number of claims in your area, the crime rate, as well as some other factors while they determine your pricing. So, if you live in an area prone to fire, strong winds, or crime, there is a higher chance you will be paying more. Also, property values and other risk variables play an important role in the pricing of homeowners insurance in Los Angeles.
Generally, people in Beverly hills pay the highest for home insurance, with an average rate of $1,282. On the other hand, Torrance has the most affordable home insurance cost in Los Angeles, with a yearly average of $837.
|Zip Codes||Neighborhood Names||Average Annual Rates|
|90073||Los Angeles County||$1,224|
Deductibles are the fees you are responsible for before an insurer will cover your claims. In most cases, the deductible level plays a role in how expensive your homeowner’s insurance rates are. As a result, many homeowners in Los Angeles find themselves trying to figure out whether to go high or go low in this regard.
Generally, higher deductibles tend to attract lower annual insurance premiums. Similarly, lower deductibles would mean higher premiums.
The table shows a list of the average deductible levels offered by homeowners insurance companies in Los Angeles. You can compare the deducible values with the average insurance rates.
|Deductible Level||Average Annual Insurance Rate|
Homeowners in Los Angeles can choose from several coverage options to protect their homes and property. As expected, coverage plans with better coverage attract higher fees. The following are a list of programs available to you:
Aside from pricing, a company’s financial stability is also an essential factor to consider for your homeowner’s insurance. Financial stability ratings determine the company’s capability to pay insurance claims. So, to save yourself a lot of headache in the future, make sure you check the AM Best rating and the JD Power ranking of the company you are choosing for your homeowners insurance in Los Angeles.
|Company||J.D. Power Ranking||A.M. Best Rating||BBB rating|
|Amica||5 out of 5 stars||A+ (Superior)||A+|
|USAA||5 out of 5 stars*||A++ (Superior)||B-|
|Auto Club||3 out of 5 stars||Not rated||A+|
|State Farm||3 out of 5 stars||A++ (Superior)||A|
|Allstate||3 out of 5 stars||A+ (Superior)||A+|
In recent years, the fire raging in Los Angeles has caused the cost of home insurance to skyrocket. As a homeowner, you need to ensure your insurance policy covers losses from natural disasters like:
|Homeowners Insurance Companies Near Los Angeles, CA||Address of Agents|
|Broadway Insurance Services||557 W 23rd St, Los Angeles, CA 90007|
|Farmers Insurance||1100 Wilshire Blvd, Apt 3703, Los Angeles, CA 90017|
|Saferoad Insurance||807 W Vernon Ave, Los Angeles, CA 90037|
|Arroyo Insurance Agency||2900 W Broadway, Los Angeles, CA 90041|
|Tony Kim – State Farm Insurance Agent||240 N Virgil Ave #22, Los Angeles, CA 90004|
|Family Insurance Sales LLC||440 E Washington Blvd, Los Angeles, CA 90015|
|Foroutan Insurance Services||11859 Wilshire Blvd # 685, Los Angeles, CA 90025, United States|
|Diane Sinner – State Farm Insurance Agent||6535 Wilshire Blvd #117, Los Angeles, CA 90048, United States|
|Fiesta Auto Insurance & Tax Service||4339 Long Beach Ave Suite A, Los Angeles, CA 90058, United States|
|Carmel Stevens – State Farm Insurance Agent||4918 W Slauson Ave, Los Angeles, CA 90056, United States|
The law in Los Angeles does not require you to have your home insured. However, it keeps you safe from uncertainties. Also, without insurance, you cannot mortgage your house for a loan. To help you save on LA home insurance, follow the tips below:
Those who already have an insurance policy with a company, e.g., auto insurance, can also add their home insurance to the list. By adding as many policies as you can, you can grab bundling discounts that most companies offer their clients for using two or more of their services.
The number of claims on your record can determine how costly your premium will be. Therefore, before you file claims, be sure that your claims are worth it. Also, ensure that the claims will not cost you more money later on when you need new insurance.
Most homeowners insurance companies offer their clients discounts. However, discounts vary from company to company. To get the best deals, you must inquire about the discounts available.
Use fire-resistant materials for your home’s roofing. Also, retrofit your old house to meet the earthquake codes. You can also install home security systems like smoke and fire alarms.
Yes, if you happen to stay in an area ravaged by a natural disaster, your insurance company will increase your rates after the incident.
Not all insurance coverages protect you against earthquakes in Los Angeles. Standard coverage types protect you from most risks but most times exclude coverage from earthquakes. To get protection against earthquakes, you have to work out a special deal with your insurance company.
Just like with earthquakes, you may need special insurance coverage to protect you from wildfires in Los Angeles. Except otherwise stated, wildfire protection for your home comes with extra cost. You need to ask your insurance company to see what you are paying for.
Mercury Insurance is the cheapest homeowners insurance company in Los Angeles, with its most affordable plan going for $630/year.
Yes, with or without insurance on the driver’s part, a basic plan will cover such damages. However, you will be responsible for paying your deductible fee before you can make claims.