San Mateo is a beautiful city located 20 miles south of San Francisco. It is famous for its rich history and serene climate. The population in the city is around 106,000. As a homeowner, getting San Mateo homeowners insurance is a must. It is the right investment that will protect your home and your personal belongings from disasters.
Homeowners in San Mateo will be glad to know that the cost of their homeowners’ insurance is relatively cheaper. The average price of San Mateo homeowners insurance is $927 per year. This is lower than California’s homeowners’ insurance average of $1868. This guide will assist you in finding the most suitable homeowners insurance for your home in San Mateo, CA.
|Place||Average Homeowners Insurance Premium|
Tokio Marine America is the cheapest homeowners insurance provider in San Mateo, CA. It costs $372 per year on average. This policy includes a $400k coverage for a newly-constructed home.
|Insurance Company||Average Insurance Rate Per Year|
|Tokio Marine America||$372|
|Stillwater Ins Company||$455|
|Mercury Ins Group||$566|
|Stillwater Prop & Cas Company||$574|
|CSAA Ins Exch||$576|
|Universal North America||$621|
CSE Safeguard provides the most expensive homeowners insurance at $668 to $700 per year.
The insurance premium for a $500,000 to $599,000 coverage from State Farm is $125 per month. From Liberty Mutual, a homeowners insurance policy with a coverage amount of $800k to $899k costs $166.
|Coverage||Company||Average Monthly Insurance Premium|
|$500k – $599k||State Farm||$125|
|$600k – $699k||Chubb Group Insurance||$140|
|$800k – $899k||Liberty Mutual||$166|
Most homes in San Mateo have a value of over $200k. The monthly homeowners’ insurance cost for home values ranging from $200k to $250k is $172 on average.
|Home Value||Average Insurance Premium|
|Less than $50k||$18|
|$50k – $60k||$45|
|$60k – $70k||$51|
|$70k – $80k||$57|
|$80k – $90k||$66|
|$90k – $100k||$76|
|$100k – $125k||$89|
|$125k – $150k||$110|
|$150k – $175k||$131|
|$175k – $200k||$150|
|$200k – $250k||$172|
|$250k – $300k||$224|
|$300k – $400k||$290|
Some areas of San Mateo have a higher local crime rate than others. Some areas have more homes than others. All these factors affect your homeowners’ insurance premiums in different neighborhoods.
In Guildford Ave, Queens Ave, and Hillbrook Dr, the homeowners’ insurance premium is the most affordable. It costs $625. Coming to areas like Lower Lupin Way, Eaton Rd, and Sonora Dr, the insurance premium becomes very expensive and costs $720 on average.
|Street Name Nearby San Mateo, CA||Average Insurance Cost|
|Guildford Ave, Hillbrook Dr, la Loma Dr, Queens Ave, Sequoia Ct, Cathy Pl||$625|
|Silver Hill Rd, Newbridge Ave, Woodland Way, Ada St, Marshall Ave, Cinnabar Rd||$669|
|Hampshire Ave, Sycamore Ct, Noel Rd, Brighton Ln, Estrella Way||$672|
|Montelena Ct, Chess Dr, Cheyenne Pt, Constitution Dr, Monticello Ct, Laurel Way||$675|
|Lassen Dr, Park Ln, E 5th Ave, Crestwood Ct, 30th Ave, Clinton St, Compass Ln||$687|
|Alden St, Center St, Sloop Ct, Alhambra Dr, Concar Dr, Light Way, Encina Ave||$691|
|Schembri Ln, Lower Lupin Way, Eaton Rd, Sonora Dr, Monte Cresta Dr, 36th Ave, Bain Pl||$720|
The deductible amount is that part of the loss which you will have to pay by yourself in case of an accident. In case your personal belongings are stolen, the insurance company will compensate for your loss from which your deductible amount needs to be paid by yourself.
San Mateo homeowners insurance with a $500 deductible amount costs $1,330. On the other hand, a homeowners insurance policy with a $1,500 deductible amount will cost you $1,129 per year on average.
|Deductible Amount||Average Insurance Premium (Yearly)|
|Dwelling Coverage||This covers the replacement and repair expenses of your home.|
|Personal Property Coverage||Along with the replacement of home, it includes coverage of your personal belongings such as sofa set, mobile, and other stuff.|
|Liability Coverage||This will protect you from lawsuits and help you in covering the costs related to them.|
|Other Structures Coverage||This covers structures attached to your home such as your garage or garden shed.|
Statefarm and Allstate have been highly rated by the Better Business Bureau and AM Best Ratings. The ratings are A, A+, and A++ for these two insurance companies. Below is some more information about companies and their ratings.
|Rating Company||Mercury Ins||Statefarm||Allstate||USAA|
|AM Best Rating||A||A++||A+||A++|
|JD Power Rating||NIL||4/5||4/5||5/5|
Agents’ contacts are provided below for a one-to-one discussion about your homeowners’ insurance policy. These companies are rated positively by A.M Best Financial Strength Ratings.
|Farmers||1564 Miramonte Ave 94024-6003, CA||650-948-8164|
|Allstate||500 E Calaveras Blvd Ste 311 95035, CA||(408) 941-9838|
1235 4Th Street 94901, CA
|State Farm||374 Jackson Street, Hayward, CA, 94544-1544||N/A|
|Nationwide||21040 Homestead Rd Ste 204 95014, CA||(408) 773-0990|
|GEICO||425 Harbor Blvd Ste E 94002, CA||(650) 638-1797|
Average insurance savings of $107 is possible for senior occupied homes in San Mateo. This number varies from one city to another in California. The least insurance savings for senior occupied homes are provided in North Fair Oaks at $100.
|City||Average Insurance Savings|
|North Fair Oaks||$100|
The insurance premium increases with an increase in the age of your home. Homeowners’ insurance for a home that is more than 50 years old will be the most expensive in San Mateo. It would cost $1,412 per year. Home insurance for a newly constructed home costs $950 per year.
|Age of Home||Average Insurance Rate Per Year|
|30 Year Old||$1,362|
|40 Year Old||$1,385|
|50 Year Old||$1,399|
|> 50 Year Old||$1,412|
If you bundle your San Mateo homeowners insurance with another policy (such as a car or life insurance), you can save roughly anywhere from $100 to $220.
|Bundle Policy||X1 Car Insurance||X2 Car Insurance||X3 Car Insurance|
|San Carlos City||$107||$142||$217|
|North Fair Oaks||$100||$130||$200|
State Farm is the cheapest choice at $125 per month. It allows a deductible of $2,000 to $5,500 and provides coverage of $500k to $599k in case of damage to your home. If you’re looking for higher coverage, then Liberty Mutual is a good choice with an insurance premium of $166 per month and coverage of $800 – $899k in losses.
|Company||State Farm||Chubb Group Insurance||Liberty Mutual|
|Type of Home||2 Beds and 1 Bathroom||4 Beds and 1 Bathroom||4 Beds and 2 Bathroom|
|Coverage Limit||$500k – $599k||$600k – $699k||$800k – $899k|
|Deductible||$2,000- $5,500||$100 – $1,000||$500 – $1500|
In San Mateo, a discount of $15 is provided to homes near the police department and a discount of $38 for those near the fire department.
|Public Safety Department||Average Insurance Savings|
A regular San Mateo homeowners policy will cover the damages caused to your home by various dangers like fire, weather, theft, or robbery.
No. A standard homeowners insurance policy will not cover the damage caused by flooding. For such situations, you need to have Flood Insurance from the NFIP to keep your home protected.
The average price of San Mateo homeowners insurance is $927 per year. This is lower than California’s homeowners’ insurance average of $1868.