Irvine, CA Homeowners Insurance

Irvine, CA is home to more than 300,000 people. Whether you are a lifelong resident or recently moved here because of Irvine's exceptional schools, low crime rate, or affordable housing options, you can benefit from having a solid homeowners insurance policy if you own your house.

When you are looking for the right coverage for your home, a local independent agent can help. These agents work with various highly rated insurance companies to find you the best and most affordable policy. Contact an independent insurance agent near you to learn more.

What Is Homeowners Insurance and Is It Required in Irvine, CA?

Homeowners insurance, also called home insurance, is designed to cover loss or damage to your private residence and personal property like furniture, clothes, and electronics.

Although this insurance is not mandated by law, your lender may require it if you are still making payments on a mortgage or a home equity loan. If you own your home outright with no liens against it, this coverage is optional but highly recommended, considering how expensive your house is.

How Much Does Homeowners Insurance Cost in Irvine, CA?

On average, home insurance rates in California are lower than the national average. In Irvine, the average rate is even lower. This is great news for area homeowners who are looking for affordable coverage.

• National average yearly premium: $1,211
• California average yearly premium: $1,008
• Irvine average yearly premium: $980

Your actual home insurance cost is likely to differ from the average rate listed above because rates are based on several factors such as: 

• The type of home you are insuring (e.g., single-family detached, townhouse, condo, investment rental property, etc.)
• The size of your home, the year it was built, and the materials used in its construction
• The crime rate and weather risks in your ZIP Code
• Your insurance claims history
• Whether you are bundling your homeowners coverage with another policy like auto insurance or boat insurance

Every insurance company has a specific way of calculating rates. Reviewing a selection of customized quotes lets you choose the homeowners insurance policy that offers the coverage you want at the most affordable price. Independent agents make comparison shopping easy.

Where Can I Find the Cheapest Homeowners Insurance Near Me?

Buying the cheapest coverage is not always the best way to save money when insuring one of the most expensive assets you own. If you need to file a claim, you may discover that your cut-rate policy costs you more in the long run.

Often, the cheapest policies can offer coverage at extremely low rates because they cut corners to reduce costs. This means that your policy may come with:

• Terrible customer service: Fewer customer service representatives mean you will need to navigate through automated systems and wait on hold a long time if you need to speak with a human about your policy.
• Inadequate coverage: You can save money by purchasing a policy that offers cash value rather than replacement-cost coverage for your belongings. However, if your house is wiped out in a disaster like a fire, you may find that the lower, depreciated value of your belongings isn't sufficient to enable you to replace everything.
• High deductibles: You can save money on your premiums by purchasing a policy with a very high deductible, but if the funds needed to cover your deductible are not easily accessible, you may struggle to make ends meet if disaster strikes.
• A complicated claims process: If you are not working with a dependable insurance provider, you may find that filing a claim is overly difficult and that it takes a long time to receive the compensation owed to you.

To ensure that you have all the coverage you need when you need it, you will need to buy your policy from an insurance company you can trust. While this may mean taking a pass on the cheapest policy, the better policy will provide you with more value in the long run.

Independent agents save you time and money by helping you compare policies and rates only from insurance providers that you can depend on. That way, you can choose the policy that offers the best value for your money.

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What Kinds of Risks Does Homeowners Insurance Cover in Irvine, CA?

Your home insurance policy is designed to compensate you if your property is damaged by many risks you are likely to face as a homeowner in Irvine. It can pay to repair or replace your home and belongings if they are lost or damaged due to a covered event like:

• Property crime: Including burglary, vandalism, and arson
• Fire: Including accidental fires, explosions, and in some cases, wildfires
• Severe weather: Including thunderstorms, windstorms, bomb cyclones, tornadoes, and hail

You will want to make sure that you have sufficient coverage to repair or rebuild your house (dwelling insurance) and repair or replace all of your personal property (contents insurance) if a catastrophic event like a fire destroys your home.

What about Coverage against Floods, Earthquakes, and Wildfires in Irvine, CA?

One reason that homeowners insurance rates are so affordable in California is that these policies do not cover some of the most expensive risks that can cause damage in the area.

Specifically, your policy will likely not provide coverage against floods, earthquakes, and, in some cases, wildfires.

Floods:

According to FEMA, just one inch of water in your home can cause as much as $25,000 in damage, but standard homeowners insurance policies do not cover flooding.

Around 6% of properties in Irvine are at risk of sustaining significant flood damage in the next 30 years. If your home is one of them, you can supplement your homeowners insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

Earthquakes:

The risk of earthquake activity in the Irvine area is very high. According to the US Geological Survey (USGS), there is a 95.36% chance that a major earthquake (5.0 or higher) will occur within 30 miles of Irvine in the next 50 years.

A powerful earthquake can damage your home's foundation and destroy your property. The only way to be covered against this risk is by purchasing an earthquake insurance policy. These policies can be rather expensive with very high deductibles, so it is good to shop around before purchasing.

Wildfires:

Some homeowners insurance policies cover against fires no matter how they originated. However, the wildfire risk is very high in many parts of California, including the Irvine area, and some insurance companies have started dropping coverage against this hazard.

If your home insurance policy does not cover wildfires and does not offer a wildfire endorsement, you still have options. Your insurance agent can help you get coverage through the California FAIR plan. Let a local agent help you be sure that your home is suitably covered against the risk of wildfires.

How Does Loss of Use Insurance Protect Irvine Homeowners?

Sometimes, disasters like lightning strikes and tornadoes can cause significant damage to homes. If the damage is extensive, it can leave your house unsafe for habitation until repairs are made. Loss of use insurance, which is included in every homeowners insurance policy, is designed to help in this situation.

If you must seek alternate accommodations due to damage caused by a covered event, your loss of use insurance can cover miscellaneous expenses such as:

• Hotel or other temporary accommodation costs
• Meals, if your accommodations do not include a kitchen
• Moving and storage fees
• Mileage reimbursement if you must drive further to get to work
• Pet boarding, if needed

Your loss of use coverage can continue until your house has been brought back up to code and is safe to return to or until you have built or purchased a different home.

Why Do Irvine Homeowners Need Personal Liability Insurance?

Everyone makes mistakes. Accidents and errors in judgment can sometimes end up causing harm to someone else. Fortunately, in addition to covering your house and property, your homeowners insurance provides you with personal liability protection.

If you or someone in your household unintentionally cause someone else to experience an injury, property damage, financial loss, or other harm, your homeowners liability insurance can cover court costs, legal defense, mediation fees, settlements, judgments, and other related expenses.

Most home insurance policies offer between $250,000 and $500,000 worth of liability protection. You can also purchase an umbrella insurance policy if you want even more coverage. Umbrella insurance provides an affordable way to boost all of your personal liability coverage substantially.

Does Homeowners Insurance Cover against Burglaries?

The burglary rate in California is higher than the national rate, however, the rate is much lower in Irvine. This is not to say the risk does not exist. Residents of this city report around 600 burglaries a year.

• Number of burglaries per 1,000 people in the US: 3.76
• Number of burglaries per 1,000 people in California: 4.16
• Number of burglaries per 1,000 people in Irvine: 1.96

It can be highly stressful to be the victim of a property crime. However, it may give you some comfort to know that your homeowners insurance can reimburse you for your lost property and any associated damage to your home. You will need a copy of the police report when you file your claim.

What Are the Best Homeowners Insurance Companies in Irvine, CA?

The insurance companies that stand out above the rest are the ones that have consistently proven themselves with exceptional customer service, reliable coverage, and reasonable prices.

Independent insurance agents in Irvine have established relationships with some of the best homeowners insurance companies in California. You can be sure that when your agent presents you with policies and quotes, they are coming from trustworthy insurers.

How Can an Independent Insurance Agent in Irvine Help?

Independent insurance agents make it easy to find an ideal homeowners policy to cover your Irvine home. These local agents can save you time and money by comparison shopping on your behalf. That way, you can be confident that you are getting the coverage you want at a competitive price.

Arrange an obligation-free consultation with an independent insurance agent near you to learn more and to start comparing customized quotes from some of the area's most highly rated providers.