Best Homeowners Insurance Agencies in Oakland

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 can you do if you made home improvements to reduce wildfire risks, but your insurer canceled your home's insurance in Oakland?

  Consider getting a policy from another insurer if you have already communicated the matter to your current insurer but did not receive any proposition. Under current laws, an insurance company may not be forced by the government to renew the insurance of a policyholder. Recently, a bill has been under the works that will require insurers to offer policies to homeowners in Oakland whose homes meet the Safer From Wildfires mitigation standards.

• Which areas in Oakland have more expensive homeowners' insurance?

  Areas in Oakland that cost more in homeowners' insurance are those with zip codes such as 94621, 94601, and 94609, with average annual rates at $1,090, $1,070, and $1,068. Some of the factors that affect insurance premiums are crime rates, fire risks, and distance from police or fire stations. Areas in Oakland that have more affordable rates include those with zip codes such as 94611, 94617, and 94705, with rates at $926, $944, and $953 respectively.

• What happens if you have a reverse mortgage in Oakland and can no longer afford to buy homeowners' insurance?

  Look for help right away if you can no longer buy homeowners' insurance and have a reverse mortgage because it could lead to a foreclosure. The City of Oakland has programs offering assistance such as free legal services and counseling support for homeowners at risk of foreclosure. For more details, contact the Housing Economic Rights Advocates at (510) 271-8443 and choose extension 307.

• If you get condominium insurance in Oakland, what is usually covered?

  It depends on the specific policy, but standard condominium insurance in Oakland usually covers loss of use, personal property replacement, and personal liability, including medical costs for other persons. In addition, it provides coverage for expenses incurred when there is damage to the interiors of the unit as well as for improvements the condominium association requires from the owner. Take note that insuring common areas such as walls and corridors have to be taken care of by the condominium association.

• How do you set a limit on your homeowners' insurance policy in Oakland?

  The most important thing you should consider when setting a limit on your homeowners' insurance policy in Oakland is to get coverage for the cost of replacing your home. This includes the expenses needed that are related to structure and materials. This does not mean taking into account the home's market value or purchase price because this is not relevant to homeowners' insurance. Be informed that insurance companies have different guidelines in evaluating the cost of replacing your home.

• 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.