Oakland is the largest city in Alameda County, and it stretches from the waterfronts to rolling hills. It’s a giant city that offers both an urban and cultural feel. The city is famous for its local slang, delicious food, and complicated history.
The beautiful city of Oakland offers a wide array of attractions, including parks, lakes, and art galleries. It is famous for the Oakland Redwood Regional Park, which is often very peaceful and quiet. When you visit downtown, you can enjoy a giant and gorgeous lake in the middle, named Lake Merritt. There are many art galleries that showcase the art pieces created by local artists, such as the Oakland Art Murmur.
Oakland has a very diverse community, and as of 2021, it has a total population of 435,224. There are 150,790 households in the city, with a homeownership rate of 41.3%. The median value of a home in Oakland is $581,099. Regardless of the property’s cost, homeowners in Oakland are always looking for cheap homeowners insurance policies.
A standard homeowners insurance policy in Oakland will protect your most significant investment – your home, from any unforeseen financial setbacks. Although it is not legally required to purchase homeowners insurance, it’s wise to get one anyway. If you are looking to buy homeowners insurance in Oakland, try our Home Insurance Quote Comparison Tool and get free homeowners insurance quotes from top-rated insurance companies.
Your home is the biggest investment of your life, and it is vital to protect it against any unforeseen disasters. A standard homeowners insurance policy protects the homeowner’s assets, personal property and covers any medical bills. When you are looking for homeowners insurance, you need to compare rates from the best-rated companies in your area to ensure you get the best rates.
In Oakland, the average homeowner insurance rate is $1,690, which is slightly higher than the national average.
|Oakland Average Home Insurance Cost (annual)||California Average||United States Average|
When you start looking for affordable Oakland homeowners insurance premiums, you will notice that rates vary significantly between companies. All the insurance companies offer special discounts, which affects the insurance price as well. You need to find the right insurance company for your needs.
In Oakland, Mercury offers the cheapest homeowners insurance policy, valued at just $596 per year.
Take a look at the table below and see rates offered by different insurance providers in Oakland.
|Company||Average Annual Premium Rate|
When you purchase homeowners insurance, you need to choose a dwelling coverage limit covering the cost to rebuild or replace your home if it gets damaged due to any covered disaster. The dwelling coverage selected by you will have a direct impact on the cost of your homeowners insurance.
Here’s how different coverage levels affect your annual homeowners insurance cost in Oakland :
Homeowners Insurance Rates in Oakland by Coverage Limits
|Dwelling Coverage Amount||Annual Home Insurance Cost|
|$750,000 to $1000,000||$2,029|
Not every neighborhood has the same insurance rates in Oakland. If your neighborhood is prone to wildfires, floods, and heavy snow, you will likely have a high homeowners insurance premium. The cost of Oakland homeowners insurance depends on the local variables like your home location, number of claims submitted in your neighborhood, crime rate, and cost of the property.
Take a look at the table below, and see how homeowners insurance rates in Oakland differ based on different ZIP codes.
|Neighborhood||ZIP Code||Average annual homeowners insurance rate|
When you purchase homeowners insurance, your insurance agent would ask you to decide on a deductible amount. A deductible is a dollar amount that a homeowner is responsible for paying when filing an insurance claim. A high deductible can help you to reduce the cost of your homeowners insurance premium.
The following table shows how Oakland homeowners insurance rates fluctuate based on different deductible amounts.
|Deductible Level||Average Annual Homeowners Insurance Rate|
A standard homeowners insurance policy in Oakland provides the following coverages:
When looking for a homeowner insurance policy in Oakland, don’t just pay attention to the cost. You need to also consider the customer service, claim process, and financial status of the insurance provider.
We compiled a list of the best Oakland homeowners insurance companies based on J.D. Power Rankings, A.M. Best Ratings, and BBB Ratings.
Best Cheap Homeowners Insurance Company in Oakland
|Company||J.D. Power Ranking||A.M. Best Rating||BBB Rating|
|State Farm||4 out of 5 stars||A++ (Superior)||A|
|Erie||5 out of 5 stars||A+ (Superior)||A+|
|Travelers||5 out of 5 star||A++ (Superior)||A+|
|Allstate||3 out of 5 stars||A++ (Superior)||A+|
|Nationwide||3 out of 5 stars||A+ (Superior)||A+|
|Homeowners Insurance Agency Near Oakland||Address|
|Jumpstart Insurance||344 Thomas L Berkley Way, Oakland, CA 94612, United States|
|State Farm Insurance Agent||490 Grand Ave #210, Oakland, CA 94610, United States|
|Farmers Insurance||1013 Harrison St Ste 215, Oakland, CA 94607, United States|
|Allstate Insurance||900 Alice St Ste 128, Oakland, CA 94607, United States|
|Rate Crushers Insurance Brokers||410 14th St, Oakland, CA 94612|
|Farmers Insurance||3560 Grand Ave, Oakland, CA 94610, United States|
|Allstate Insurance||3608 Grand Ave Ste 201, Oakland, CA 94610, United States|
Oakland is highly prone to natural disasters, such as fire, earthquakes, floods, and riots. The biggest reasons for homeowners insurance claims in Oakland are wildfires and theft. The most recent wildfires caused a homeowners insurance loss of $950 million. In 1992, Oakland recorded the costliest homeowners insurance claims of $1.7 billion due to a firestorm.
Due to the increased risk of wildfires, some of the Oakland homeowners insurance companies have stopped renewing insurance policies. The homeowners can buy wildfire insurance coverage through the California FAIR plan.
If you want to save money on your Oakland homeowners insurance, you can try these steps:
The best way to reduce the cost of your homeowners insurance policy is by bundling your home and auto insurance. Bundling can reduce your insurance premium by 20%.
Refer to the following table to see how bundling your home and auto insurance affects your insurance premiums.
|Company||Avg. Annual Auto Insurance Rate (With Bundle)|
If you are having difficulty finding homeowners insurance policies and have been denied a policy by at least three insurance companies, you can contact the state department of insurance. If you are unable to purchase Oakland homeowners insurance, you might be eligible to get insurance coverage through the California Fair plan.
Your Oakland homeowners insurance policy covers your personal belongings against any damages caused by covered perils. Generally, the policy covers personal belongings at 50% and the loss of use coverage at 20%.
Standard homeowners insurance provides financial coverage against losses caused by disasters, theft, and accidents. Most of the homeowners insurance policies offer four types of coverage:
Before you buy homeowners insurance, you need to consider several factors, such as:
It is not mandatory to purchase flood insurance in Oakland. But, your mortgage company might require you to purchase coverage.