Homeownersinsurance.com data has revealed that the average home insurance rate in May 2011 in California was approximately $770.
When compared to the same time in 2010, this was an increase of 6.5 percent, as the average premium at that time was $729.
HomeownersInsurance.com is a division of HomeInsurance.com LLC, which is marketplace for insurance online and is comprised of a group of more than 125 licensed insurance agents who sell homeowners insurance products across the United States. The CEO of the company, Carlos Lagomarsino, said that the Californian insurance rates were on a slightly rising trend, but that “the average premium sold is still fairly low compared to some other states in the country.”
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Similarly, some of the areas of the country that are more prone to hurricanes, such as those along the coast, saw increases in their homeowners insurance crates of approximately $1,000 per year.
HomeInsurance.com co-CEO, Jana Bell, explained that among the most significant factors impacting the premiums for homeowners insurance recently are their distance from the coastline, the amount of coverage carried by the customer, and the community’s fire safety rating. That said, he added that as a result of the relationship between the company and some of the leading home and auto insurers in the nation, they are also capable of providing homeowners in the state with competitive discounts.
The primary hazard insurance cost for homeowners in California is also influenced by the area’s specific hazard risks, especially in terms of the earthquake frequency. This is important because damage resulting from earthquakes is not typically covered by a standard policy and requires a supplementary insurance specific to that hazard.