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Home insurance is an important part of owning a home. Along with personal property, homeowners insurance covers your dwelling against many different perils, including fire, wind damage, vandalism, and theft. Given the relatively frequent occurrence of these incidents and the sizeable cost of replacing a home, homeowners coverage is a solid investment.
The cost of home insurance coverage factors in variables such as the cost of building materials, the value of your personal belongings, and the overall value of the primary dwelling. The location of your home can also influence how much you pay for homeowners insurance. Some areas are more susceptible to perils like fire, hail, frozen pipes, volcanoes, or other hazards. These can make your insurance policy even more expensive. Discover more info about what your homeowners insurance policy covers.
If you want to find cheap home insurance coverage in Oakland, start with shopping around and comparing what different companies offer. Have a look at the summary below comparing average homeowners insurance rates in Oakland to help you get as much information as possible when you start your search for homeowners insurance. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.
Oakland homeowners insurance rates will vary depending on which insurance company you choose. Mercury offers the most affordable home insurance in Oakland, at just $598 per year. This compares favorably to the city’s average homeowners premium of $1,014.
Below you'll find a list of the cheapest homeowners insurance companies in Oakland, California to help you start your search.
|Company||Average Annual Rate|
How much you pay for home insurance coverage is greatly influenced by the level of coverage you choose. In Oakland, carrying $200K dwelling coverage costs an average of $763, while carrying additional coverage up to $400K costs $1,385/year.
|Coverage Level||Average Annual Rate|
Homeowners insurance costs can vary depending on what part of Oakland in which you live. One of the factors that insurers use when pricing your policy is the number of claims filed in your surrounding area. As such, the location of your house can dramatically affect your home insurance rates.
To find the cheapest home insurance rates in Oakland, look no further than 94611. In the 94611 area, homeowners policies typically cost just $926 per year — a full $88 less than the Oakland average. If you’re looking for the areas with the most affordable homeowners premiums in Oakland, have a look at the table below.
|ZIP Code||Average Annual Home Insurance Rate|
Other areas of Oakland, it should be noted, face homeowners rates that surpass the city average. Crime rates, fire risk, and even your how close you are to emergency services could lead insurance companies to see certain neighborhoods as higher risk, which could drive up area rates. An average annual rate of $1,090 makes 94621 the most expensive ZIP code in Oakland for home insurance.
|ZIP Code||Average Annual Home Insurance Rate|
Among the numerous options faced by homeowners when purchasing an insurance policy is how high or low to set the deductible. The deductible is the total dollar amount that the insured must contribute toward a covered loss. Where you set your deductible can play a large part in the cost of your insurance coverage.
When picking a deductible, keep in mind that the higher your deductible is, the lower your premiums will be. Therefore, if you need your home insurance rates to be lower, you'll need to keep your deductible higher. Remember that your deductible should only be set as high as you can reasonably pay if you suffer a loss.
Below you'll find some common deductibles offered by most home insurance companies as well as with corresponding average insurance premiums.
|Deductible Level||Average Annual Home Insurance Rate|
To save a little money, you might think about bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can save you a substantial sum each month on your auto insurance bill. Bundling policies in Oakland could, in fact, lead to average annual savings of 12%.
|Company||Avg. Annual Auto Insurance Rate (With Bundle)|
It's definitely worth considering bundling both your auto and home policies as a potential way of saving money.