Torrance is located in the coastal region of South Bay in Los Angeles County. The residents famously call it the place where “sun and sand” meet “suds and stouts.” Just 15 minutes away from the LAX Airport is a hidden gem of California.
The city offers many unique experiences and activities without the hustle of the busy city. From water sports to museums and art galleries, the city has something for everyone. Torrance is also famous for its eateries, cafes, and music concerts. If you want to spend time with nature, you can enjoy the scenery on the 22 miles long Strand Bike Trail and end the stroll at the Will Rogers State Beach. Torrance is home to the nation’s largest shopping center – Del Amo Fashion, where you can buy high-end brands.
Torrance constitutes thirty-four neighborhoods, with a total population of 145,492. The city has 54,360 housing units, and the median value of a house is $687,900. Torrance’s housing expense is not the most expensive, but the real estate prices are on the rise. Regardless of the high cost of buying a home, the homeownership rate in Torrance is 54.76%.
Although it is not mandatory to purchase homeowners insurance, 80% of the residents have homeowners insurance policy. A standard homeowners insurance protects your home against any unforeseen events and covers you from financial loss. If you are looking for an affordable homeowners insurance policy, take some time to do some research and use the Insurance Online quote comparison tool to find homeowners insurance quotes from the best insurance companies in Torrance.
Once you have bought a house, the next important decision is to buy a homeowners insurance policy. Standard homeowner insurance protects your most valuable asset – home, your personal belongings, pays for the medical bills and additional expenses that might occur while your house gets repaired.
The average homeowners insurance in Torrance is $1452.55, almost equal to the national average cost of homeowners insurance.
|Torrance Average (annual)||California Average||United States Average|
When you start shopping for your homeowners insurance policy, you will see that different companies offer different rates. Depending on your chosen dwelling coverage, your insurance premium may cost more. Some areas of Torrance may have high premium costs due to their crime rate, wildfire risk, flood risk, earthquake risk, and proximity to police stations and fire stations.
In Torrance, General Insurance offers the cheapest homeowners insurance for a price of $410, whereas Chubb sells homeowners insurance at a rate of $2535. Have a look at the table below and see rates offered by different providers.
|Company||Average Annual Premium Rate|
|Universal North America||$459|
|Mercury Insurance Group||$536|
The homeowners insurance rate is determined by the dwelling coverage amount chosen by you. The dwelling coverage amount is used to pay the replacement cost of your home. When you choose a dwelling coverage level, you need to remember that it should be equal to the money it would take to replace your home with a similar structure and features.
If you choose a high dwelling coverage level, your insurance premium will cost more. For instance, if your dwelling coverage is worth $100,000, your insurance premium will be $205. In the following table, we have listed the homeowners insurance rates based on the coverage limit.
|Coverage Amount||Home Insurance Cost ($)|
|$750,000 to $1000,000||$1375|
Homeowners Insurance is calculated after considering various factors. The location of your home is the most significant factor in determining the cost of your insurance premium. The weather conditions in your neighborhood, population density, crime rate, and proximity to a fire station and police station have a considerable impact on the cost of the homeowners insurance policy.
If you move from one street to another, you can see a drastic change in your insurance premium. Take a look at the table below and find out the homeowners insurance rates based on ZIP codes.
|Neighborhood||ZIP Code||Average annual homeowners insurance rate|
|Earl St Spc||90503||$252|
|Meyler St Spc||90502||$600|
|Pacific Coast Hwy Spc||90505||$756|
A deductible is an amount that homeowners agree to pay the insurance provider before filing an insurance claim. When you buy a homeowners insurance policy, your insurance agent would ask you to decide on a deductible amount, which can be anywhere between $500 to $2000. Some insurance providers even offer $5000 deductible amounts.
Typically, if you select a low deductible amount, your homeowners insurance premium will be more. You can choose a high deductible amount to reduce the cost of your premium. In the following table, we have demonstrated how the deductible amount can change your annual insurance premium.
|Deductible Level||Average Annual Homeowners Insurance Rate|
Homeowners insurance companies offer several types of coverages, such as:
Finding the best insurance company can be hard. There are many insurance providers in Torrance who strive to provide insurance policies to the residents of the city. While shopping for homeowners insurance, you should never buy it just based on the price. The ideal insurance company should offer an affordable price, a variety of coverage options, and the best customer service.
We have researched and collected information about insurance providers based on J.D. Power Ranking, AM Best financial rating, and Better Business Bureau rating of the home insurance market.
|Company||J.D. Power Ranking||A.M. Best Rating||BBB rating|
|Farmers||3 out of 5 stars||A+ (Superior)||A+|
|State Farm||4 out of 5 stars||A++ (Superior)||A|
|Nationwide||3 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+|
|Home Insurance Company Near Torrance, CA||Homeowners Insurance Agency Near Torrance, CA||Address|
|State Farm||Carol Robinson||2615 Pch Hwy Ste 221, Hermosa Beach, CA, 90254-2228|
|State Farm||Elaine Lavine||34080 Gldn Lantern St Ste 105, Dana Point, CA, 92629-2679|
|Allstate||James Astorino||3371 Glendale Blvd # 218, Los Angeles, CA, 90039|
|Allstate||Jay Shah||4747 W El Segundo Blvd Ste 201, Hawthorne, CA, 90250|
|Travelers||Mark Insurance Services||510 E FOOTHILL BLVD STE 105, SAN DIMAS, CA, 91773|
Homeowners insurance can be very costly. Your claim history affects the cost significantly. In Torrance, there are several reasons why people may file an insurance claim.
Homeowners insurance gives you peace of mind that your home is protected. But, the premium can be very expensive. If you are looking for tips to save money on your homeowners insurance, your best solution is bundling.
Bundling your home and auto insurance will not only offer you discounts, but your insurance policies will be more manageable. Insurance companies offer different discounts based on the cost of your premium. Take a look at the table and see how insurance premium fluctuates after bundling your home and auto insurance.
|Place||1 Car Bundle Savings On Insurance||2 Car Bundle Savings On Insurance||3 Car Bundle Savings On Insurance|
|Redondo Beach city, California||$101||$135||$203|
|West Carson CDP, California||$93||$124||$187|
|Lomita city, California||$95||$127||$191|
There are several reasons why your homeowners insurance claim might be rejected, such as:
Suppose you think that the insurance provider has wrongfully rejected your claim. In that case, you can contact the company by either calling or submitting a formal letter requesting them to re-access your losses.
Your homeowners insurance premium is affected by several variables. Here are some of the most common factors that have an impact on the cost of your insurance policy:
A windstorm mitigation inspection is conducted to check your home’s resistance to wind storms. The inspector will come and look at your roof, doors, and windows. As a resident of Torrance, you don’t need to get the mitigation inspection done; if you do, you can save quite a lot of money off your homeowners insurance policy.
A catastrophe claim is filed when a single disastrous event causes a loss worth $25 million or more. Here is a list of events that can lead to catastrophe claims:
Being a homeowner, you should always keep an up-to-date record of your personal items and valuable possessions. The inventory can be very helpful to assess the damaged property if your house gets damaged by a covered peril. You can use your inventory to ensure that you have enough dwelling coverage.
You can also add the receipts of your valuable items to the home inventory. We recommend that you start taking inventory of one room at a time. You can also take photos of your rooms and make videos while talking about different personal items.