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In Los Angeles, CA, homeowners pay home insurance rates nearly between $546-$739 per annum. Vhome’s extended analysis reveals that homeowners can save up to $256 by choosing the best home insurance company according to their needs. 

Comparing Quotes

The quote provided to homeowners varies between one insurance company to another. A customer’s profile is taken into consideration by insurance companies before deciding the premium that they have to pay. Under similar conditions, for a home with a coverage of $200,000, two different quotes offered by two insurance companies showed a difference of $81. Homesite charges $1078 in insurance costs annually, whereas Encompass charges $997 in insurance rates annually.

Lifestyle Choices

Home insurance companies calculate home insurance rates based on the lifestyle choices of homeowners. Los Angeles homes with a swimming pool would cost an additional $89 on insurance. Homeowners who smoke and have dogs also attract additional insurance rates. According to the Insurance Information Institute, California had the largest number of dog bite claims in the US in 2018 with 2,166 claims. We suggest homeowners choose an insurance company that charges less for the lifestyle choices they make.

Deductibles and Variables

Paying a high deductible reduces insurance rates and vice versa. Homeowners should decide on how much deductible and insurance they are ready to pay based on their situation. Under similar conditions, MAPFRE Group charges $1217 in insurance rates and a $1000 deductible whereas Horace Mann P&C charges $1018 in insurance rates and a $2500 deductible for $500,000 coverage.

Providing Discounts

Home insurance companies provide various discounts on insurance rates based on different factors. On average, Los Angeles homes near fire stations earn a $44 discount, and homes near police departments earn a discount of $33. Discounts for Senior citizens in Los Angeles vary from $96-$98. We advise homeowners to choose home insurance companies that offer auto insurance policies as well. This allows homeowners to bundle insurance policies together and avail substantial discounts.

Processing A Claim

To submit a claim, the homeowner should provide a proof of loss statement containing documentation to support the claim. Home insurance companies will then analyze the claim before granting the said amount. Insurance companies generally take up to 40 days to process a claim. Homeowners are advised to opt for insurance companies with faster processing speed.

Post-Claim Changes In Insurance Rates

In Los Angeles, insurance rates vary upto 44% based on the type and number of claims filed previously. Filing a fire claim will increase insurance rates by 20% while filing a water claim will increase it by 16%. Having prior knowledge of the increase in insurance rates due to claims will help homeowners choose the best insurance company.