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Riverside, CA Homeowners Insurance
Riverside is the most populous city in California ’s Inland Empire, and it’s clear to see why. The city’s affordability alone makes Riverside a great Southern California city to call home. With a downtown atmosphere distinguished by the historic Mission Inn, great educational opportunities for all ages, and a quick drive to many of Southern California ’s attractions, the City of Arts and Innovation might make you consider staying a while and raising a family.
But owning a home in Riverside comes with its downsides, too. The city is prone to flooding, and California ’s wildfires continue to close in on the desert town. Not to mention, Riverside ’s property crime rate is higher than the statewide and national averages.
While home insurance can’t stop these perils from coming, it can help you save on expensive repair costs and give you peace of mind that your family is covered in case of an emergency. Use Insurify’s home insurance comparison tool to see insurance companies, coverage options, and insurance quotes in your area. That way, you can find the best home insurance in Riverside in just a few minutes with no hassle and no headaches.
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Cheapest Home Insurance Companies in Riverside
For homeowners in Riverside, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Riverside. The following are the best insurance rates from carriers that offer homeowners insurance in Riverside.
How to Find Cheap Home Insurance in Riverside
Riverside ’s median home value is over $450,000, so buying a home in the Southern California city will cost a pretty penny. With risks like floods, wildfires, and even occasional earthquakes, protecting your Riverside home isn’t just important—it’s necessary.
But protecting your Riverside home with a home insurance policy is a no-brainer. You aren’t legally required to purchase home insurance, but a homeowners policy provides more than just property insurance. Homeowners insurance will protect your home, property, personal belongings, and even your family after natural disasters and vandalism. Plus, an insurance policy will offer liability protection, which can help pay for legal fees or medical expenses if someone is hurt on your property. And you don’t need to worry about overpaying for protection since your insurance services are catered to your insurance needs.
Keep reading for a full guide on Riverside home insurance.
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Cheapest Home Insurance in Riverside by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2020, the average home insurance premium in Riverside costs $859 annually, and the median home value is $461,695.
Home insurance in Riverside is pretty affordable. But before you splurge on the most expensive coverage you can find, keep in mind that home insurance policies have certain exclusions. That means you’ll probably need a few additional policies to completely protect your home.
Comparing home insurance providers is an important part of your search for a home insurance policy, too. Whether you purchase a policy with a national company like State Farm or Allstate or decide to go with a local insurance agency, it’s important to choose an insurer that offers great customer service and provides affordable insurance products that match your needs.
|Average Home Cost in Riverside The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Riverside The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Cheapest ZIP Codes in Riverside for Home Insurance
Your specific home insurance rate will depend on factors like the age of your home, your credit score, and even your set deductible. But the neighborhood you live in could also play a key factor in your annual premium.
Home insurance rates are based on ZIP code–specific variables, like natural disaster risk, property crime, and your area ’s home values. That’s why homeowners in Arlington, La Sierra, and Woodcrest typically pay less for their annual premiums than homeowners in Orangecrest and Mission Grove, even though they’re only a few roads apart.
Rates in Riverside are relatively low compared to the national average, but your specific insurance premiums depend on the neighborhood, and even the street, where you live.
Home Insurance Coverage Types in Riverside
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed California city level guides, check out these below.
Keep Your Riverside Home Covered with Flood Insurance
Flooding is the most common natural disaster in Riverside, but flood damage is excluded from home insurance coverage. Whether your home is located in a flood zone or not, flood insurance will cover your home and personal belongings in case of water damage.
You can purchase a flood insurance policy from your private insurer or through the Federal Emergency Management Agency’s flood insurance. Riverside County participates in the National Flood Insurance Program (NFIP), which provides insurance to high-risk homes and homes in unincorporated areas of the county.
When purchasing a flood policy, make sure your coverage includes damages to the structure of your home as well as your personal belongings. This coverage can cost anywhere from $100 to $700 per year but will come in handy if your Riverside home sustains flood damage.
Finding Fire Insurance in Riverside
Riverside didn’t experience as many wildfires this year as its neighbors like San Bernardino, Fontana, Moreno Valley, and Corona, but the city is still at risk for wildfire damage each year. Your home insurance covers fires, but you have options if you’re concerned about your coverage.
The first option is to purchase a comprehensive home insurance policy (aka an HO-5 policy). This, as its name suggests, offers more complete coverage than basic or special form policies. Plus, it offers replacement cost coverage. Since many homeowners policies offer actual cash value coverage, they only reimburse you for the value of your items prior to becoming damaged, also known as the depreciated value. Replacement cost coverage will ensure that you are reimbursed for the full amount necessary to completely repair or replace your home and personal belongings. That’s true whether you’ve suffered a loss due to a fire, home burglary, or any other peril not excluded by the policy.
Another option is to purchase a fire insurance policy. Fire insurance will help pay for your damaged home or belongings. And it provides additional living expenses coverage in case your family needs to stay in a hotel while your home is repaired. These policies fill the gaps where your standard homeowners coverage falls short but will only pay to repair damages caused by fire.
If you’re having trouble securing a fire insurance policy, the California FAIR Plan provides basic fire insurance to homeowners who don’t qualify for private insurance coverage.
How to Find the Cheapest Home Insurance in Riverside
Protecting your Riverside home doesn’t need to cost an arm and a leg. It doesn’t need to take longer than a few minutes, either. Insurify’s comparison tools can make your insurance search quick, easy, and cost-effective.
Use Insurify to compare homeowners insurance premiums for your property in Riverside.
Frequently Asked Questions
No, homeowners coverage in California excludes earthquakes as a covered loss. Insurance companies in California are required to offer policyholders additional earthquake policies, so talk to your insurance agent to see what your earthquake insurance options are. If you aren’t happy with your insurance provider’s options, the California Earthquake Authority also offers earthquake policies to high-risk homes.
Yes, you can purchase personal property coverage under the FAIR Plan. There are multiple coverage options, so if you turn to FAIR Plan insurance as a last resort, make sure you purchase all the coverage you need to avoid being underinsured.
Every insurance agency is different, but most will allow you to bundle your home insurance, car insurance, and sometimes even life insurance policies. Bundling your home and auto insurance policies can save you up to 20 percent on your premiums, too, so it’s a great way to save on your insurance costs.
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