Tips for Buying Homeowners Insurance in California

Whether you’re about to close on your first house in California or switching insurance companies, you want to acquire a policy at a reasonable price with good coverage. Here are guidelines for both new and longtime homeowners:

Evaluate your rebuilding costs. Reach out to a contractor or your insurance company to figure out the cost of rebuilding your home based on material and labor costs in your area. You want your dwelling coverage amount to be at least equal to this estimate.

Assess how much liability coverage you need. You should buy an amount that matches the value of your assets that could be lost in a lawsuit. A minimum of $300,000 is recommended.
Contemplate add-on coverage for your belongings. If you have high-value items, jewelry or pricey sports or electronic equipment, consider scheduling personal property for those precious possessions.

Review about the benefits of replacement cost instead of actual cash value. Consider replacement cost coverage for your home and belongings—you will get the amount you need to replace your home and items with new versions instead of a depreciated amount.

Look for coverage gaps. Some home insurance companies offer add-on benefits for issues not covered in a standard home policy. For example, to help pay for damage from water backups or provide higher limits for landscaping such as trees and shrubs if harmed in fire or theft.

Research financial ratings. Examine financial strength ratings from companies such as A.M. Best or Standard & Poor’s. Some banks may not approve your mortgage unless your insurance company has at least an “A” financial strength rating.

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