Is anyone else noticing skyrocketing home insurance rates? I’m facing a 4x increase! I own a one-story, 1900 sq ft home in San Jose, CA, currently insured with Amica at $2100 per year. We’ve lived here since 2017 and have never filed a claim, yet my renewal has jumped to $8500 annually. I spoke with them, and they mentioned the rise is due to fire-related risks. I’ve been trying to get quotes from major insurers like Liberty, AAA, Nationwide, Allstate, and Farmers, but it seems no one is offering new policies in California. Are there any reliable home insurance options left?
Home insurance will quadruple, any CA home insurers that are solid left?
It’s definitely frustrating to see such a dramatic increase in your home insurance premiums, especially when you’ve been a responsible homeowner without any claims. The recent wildfire risks in California have caused many insurers to reassess their policies, which is leaving homeowners in a tough spot.
You might consider a few different approaches:
Regional Insurers: Look for local or regional insurance companies that may still be writing new policies in California. Sometimes they may have more flexibility or different underwriting criteria compared to the major national insurers.
Insurance Brokers: Working with an independent insurance broker could be beneficial. Brokers have access to multiple insurance carriers and may be able to find options that aren’t readily available online.
Home Safety Improvements: If you haven’t already, investing in fire-resistant materials or creating defensible space around your home might reduce your risk profile and lead to lower premiums. Some insurers also offer discounts for home security systems or other safety improvements.
State Programs: Check if California has any state-backed programs or organizations that can assist homeowners struggling to find affordable rates due to natural disaster risks.
Reassess Coverage: Make sure you’re not over-insured. Reassessing your coverage limits can help lower premiums, just ensure you’re still adequately protected.
Ultimately, it may take some legwork, but there are still avenues to explore that might help you find more competitive rates. Good luck!