Being a homeowner in Richmond, CA is a matter of pride for many people. If you have invested so much money in your home, then you need to be sure that this investment does not go waste. Richmond homeowners insurance will help you protect your home from dangers like weather damage, fire, robbery, and theft.
Richmond is well known as a developing city in Contra Costa County, California. With a population of 119,000, it is an amazing place to live in. The Tilden Regional park and Point Pinole Regional Shoreline are a must visit.
The average cost of homeowners insurance in Richmond is $975 per year. This figure is below the Californian state average of $1,147. Richmond homeowners need not worry about spending a big amount on homeowners insurance since there are many affordable policies available. This guide will help you in finding the best homeowners insurance in Richmond.
|Place||Average Homeowners Insurance Premium|
Travelers provides the cheapest homeowners insurance at $499 per year. A pretty good deal to start your comparison with.
|COMPANY||Average Insurance Price (Yearly)|
The dwelling coverage amount you choose will have an impact on your Richmond homeowners insurance premium. If your dwelling coverage requirement is $200,000, then your insurance premium will be between $729 and $799. Always keep in mind that a higher coverage amount demands higher insurance premium too.
|Coverage||Company||Average Insurance Price (Yearly)|
|$150,000 dwelling||Universal North America||$455|
|$200,000 dwelling||Century National||$721|
|$200,000 dwelling||Amica Mutual||$799|
|$250,000 dwelling||State Farm||$820|
|$250,000 dwelling||Foremost Insurance||$1,154|
There are 3,985 homes in Richmond that have a home value of more than $300,000. Homeowners insurance for such houses will be $712 per year. If your home value is somewhere between $100k – $125k, then your average homeowners insurance premium will be 220 per year.
|Home Value||Number of Homes||Average Insurance Premium|
|Less than $50k||490||$52|
|$68,000 – $78,000||256||$145|
|$79,000 – $90,000||175||$177|
|$91,000 – $100,000||142||$193|
|$101,000 – $125,000||950||$220|
|$126,000 – $150,000||670||$282|
|$151,000 – $175,000||1,334||$329|
|$176,000 – $200,000||917||$379|
|$201,000 – $250,000||1,941||$452|
|$251,000 – $300,000||1,950||$555|
Your homeowners insurance in Richmond depends on a lot of factors. One of them is the value of your home. The higher your home value, the higher your insurance premium will be. Other factors that decide your homeowners insurance premium are neighbourhood, age of home, and the replacement cost of your home.
Homes in Barnard Street, Gatto Street, Canal Boulevard, and nearby streets enjoy the cheapest Richmond homeowners insurance rates of only $600 per year. On the other hand, the most expensive homeowners insurance is for the homes that are on the South 55th Street, Hawk Court and Tidewater Drive. The insurance costs $660 annually in these areas.
|Street Name Near Richmond, CA||Average Insurance Cost|
|Barnard St, Glenwood Ct, Gatto St, Crest Ave, Canal Blvd, S 35th St, Salesian Ave||$600|
|S Ridge Dr, Escuela Ct, S 37th St, Oxford Ave, Big Bear Ct, Lambert Rd, Peerless Ave||$604|
|Bowhill Ln, Rancho de Maria, Henry Clark Ln, S 34th St, O Rourke Dr, Eaglewood Ct||$611|
|Via Verdi, Club Ct, N Rancho Ct, Skypark Pl, Washington Ave, Lexington Ave||$617|
|Gately Ave, Garden Rd, Stony Ct, Gordon Ct, Meadow Ct, John Muir Pkwy, Sorrento Ct||$619|
|Carlfield Ave, Cardiff Ct, Cliff Ln, Argyle Rd, Martin Luther King Jr Ave||$623|
|Overend Ave, Moyers Rd, Hillside Ct, San Antonio St, Chabre Ct, S 47th St||$654|
|S 55th St, Echo Hawk Ct, Flamingo Ct, Tidewater Dr, Moyers Dr, Selmi Grove Ln||$660|
Homeowners insurance deductible is the amount which you need to pay you in case of a loss. It can be as less as $500 or as high as $5,000. The deductible which you choose will indirectly impact your insurance rate.
Having a very high insurance deductible means that you will be paying a big portion of the loss from your own pocket, which will result to a lower insurance rate. On the other hand, having a low homeowners insurance deductible means the insurance company will have to pay for most of your loss. Because of this, expect a higher Richmond homeowners insurance rate.
For $1,000 homeowners deductible, you need to pay an $889 homeowners insurance premium in Richmond. A higher deductible amount will bring down your insurance premium.
|Deductible Amount||Average Insurance Premium|
|Above $5,000||Varies as per insurance provider|
The various types of discount include multi-policy discount, secure home discount, paperless, good credit, claim-free and much more. Look at the table below to know more about the possible discounts you will be able to enjoy.
|Multi-Policy||If you buy two policies, example, home insurance and car insurance, with the same company, you can enjoy a multi-policy discount.|
|Secure Home||If you have CCTV cameras, fire alarms and other security devices installed in your home or community, then you can enjoy the secure home discount.|
|Loyalty||Loyalty discount is available to those who have been the clients of the insurance company for some years.|
|Claim-Free||If you never had any accident like a fire or robbery in your home, it means you are claim free. In such a case, you are eligible for a discount.|
|Good Credit||If your credit score is higher than 750, then you can also get a good credit discount from the insurance company.|
|Pay In Full||You can pay for your Richmond homeowners insurance monthly as well as yearly. If you pay yearly premiums, then you can save some money with this discount.|
|Paperless||This is a rare discount provided only by a few companies nowadays. Paperwork has been reduced and paperless discounts as well.|
Statefarm and Allstate have pretty good ratings given by rating agencies in California. Checking the company’s ratings before purchasing homeowners policy will help you decide which is the right choice for you. State Farm scored an A grade as per BBB and an A++ as per AM Best Rating.
|Rating Company||Mercury Ins||Statefarm||Allstate||USAA|
|JD Power Rating||NIL||4/5||4/5||5/5|
|AM Best Rating||A||A++||A+||A++|
The top rated homeowners insurance agents/agencies along with their addresses are given below. Burch Boehner from State Farm Insurance and Lampai Lp from Liberty Mutual can be reached near Richmond in San Jose, CA.
|State Farm||201 E Taylor St Ste 2, San Jose, CA, 95112-5036|
|State Farm||2315 Noriega Street, San Francisco, CA, 94122-4239|
|Kempkey Insurance Services||1500 Third St, Ste B, Napa, CA, 94559|
|Liberty Mutual||2580 North First Street Suite 290, San Jose, CA, 95131|
|Travelers||24479 Mission Blvd, Hayward, CA, 94544|
2136 Ringwood Ave
Bundling your policy means getting more than one policy from the same agent or the same company. If you buy x1 Car Insurance along with your homeowners’ insurance in Richmond, you can save $76.
|Area||x1 Car Insurance Bundle Discount||x2 Car Insurance Bundle Discount||X3 Car Insurance Bundle Discount|
|North Richmond CDP, CA||$76||$100||$150|
|San Pablo City, CA||$74||$101||$151|
|Rollingwood CDP, CA||$74||$101||$151|
Homeowners insurance premium is $745 for a newly constructed home in Richmond. But if your home is 30 year old, then the insurance cost will increase to $1010 per year.
|Age of Home||Average Insurance Premium|
|30 Year Old||$1010|
|40 Year Old||$1019|
|Above 50 Year Old||$1040|
Your homeowners insurance rate is impacted by the coverage limit you choose for, the age of your house, deductible amount and company. This list factors in all these things and gives you a brief understanding of what a Richmond homeowners insurance will cost you in different scenarios.
|Coverage Limit||Deductible||Age of Home||Company||Average Insurance Premium|
|$150k||$275||3-6 Years||Universal North America||$459|
|$150k||$550||15-25 Years||Bankers Standard||$2142|
|$150k||$550||25-40 Years||Century National||$855|
|$200k||$550||1-4 Years||Pacific Specialty||$466|
|$200k||$5550||15-25 Years||Amica Mutual||$801|
|$200k||$550||15-25 Years||Horace Mann P & C||$1255|
|$250k||$1k||10-15 Years||State Farm||$829|
|$250k||$1k||45-70 Years||Foremost Insurance||$1164|
|$300k||$550||15-25 Years||First American Ins||$1287|
Homeowners insurance savings for senior occupied homes in Richmond is $93. In North Richmond, it is $91. But in East Richmond Heights, the savings reach upto $96.
|City||Average Insurance Savings|
|East Richmond Heights||$96|
Resource Links For California Homeowners Insurance
Homeowners insurance will keep you safe from unexpected accidents that can damage your home. This includes fire, weather damage, theft etc.
It is because the neighbourhood your home is in will impact the insurance premium you pay.
Compare different Richmond homeowners insurance policies. Negotiate with your agent and make sure the company will help you in filing a claim in case of loss.
Yes, it is. You need to call your agent or use the company’s website to cancel your policy.
Travelers provides the cheapest and most affordable homeowners insurance at $499 per year.