Best Homeowners Insurance Agencies in Folsom

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What is the average cost of homeowners’ insurance offered by the top insurance companies in Folsom?

  Liberty Mutual, the top provider of homeowners’ insurance in Folsom, offers this type of property insurance for $2,534. Travelers provides homeowners’ insurance for $1,856, while Farmers offers a similar product for $1,748. Note that insurance premiums can vary widely based on the location of the property, the value of the home, and the coverage limits.

• What factors may influence homeowners’ insurance premiums in Folsom?

  Homeowners' insurance premiums in Folsom can be influenced by a variety of factors, including the extent of coverage homeowners’ choose. Another factor is the geographic location of the property. This includes the risk of natural disasters like earthquakes, floods, and wildfires. The crime rate in the area can affect premiums. Higher crime rates can lead to higher insurance costs.

• Which insurance coverage benefits Folsom residents who own valuable items exceeding the coverage limits of their standard homeowners’ insurance policy?

  Scheduled personal property coverage enhances Folsom residents’ standard homeowners’ insurance. The coverage helps policyholders repair or replace high-value items, such as jewelry, collectibles, and artwork. It also allows homeowners to insure individual items for their full appraised value or a predetermined amount.

• What percentage of the dwelling limit constitutes the coverage for the “other structures” coverage of a homeowners’ insurance in Folsom?

  Typically, the “other structures” coverage is 10% of whatever the dwelling limit is. However, it can be increased if a Folsom homeowner needs more coverage. This includes non-permanently attached structures on the residential property, such as fences, sidewalks, and driveways. If these structures are damaged or destroyed due to covered perils, the insurance policy would help cover the cost of repairs or rebuilding, up to the policy's limits.

• What steps must Folsom residents take if insurers cancel their homeowners' insurance due to wildfire risk?

  In the event that residents of Folsom or any region susceptible to wildfires face homeowners' insurance cancellation due to wildfire risks, their next step involves engaging an agent familiar with wildfire risk assessments. This agent will proceed to evaluate the property's fireline score, which is based on ease of access to and from the property and wildfire fuel within a quarter mile of the home. The majority of insurers are inclined to provide coverage for homes with a fireline score of three or lower.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.