Best Homeowners Insurance Agencies in Oakland

FAQs

• 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.
  

• What is the difference between home warranty and homeowners insurance?

  Homeowners' insurance protects your home and property from damage from events that include storms, theft, and fires. A home warranty covers repair costs for parts of your home that eventually breaks down. For example, if a fallen tree damages your roof, it's typically covered by insurance, not the warranty.
  

• Does Geico offer homeowners insurance?

  Because auto insurance is Geico's focus and where they invest the most in advertising, many people know the company only as a car insurance provider. On the contrary, Geico does offer a range homeowners' insurance policies that cover dwellings, personal property, and personal liability, among other provisions.
  

• How long does homeowners warranty insurance last?

  Home warranties vary based on the provider of the coverage, but most home warranties last for one year. Once they run out, homeowners have the option of renewing the warranty or letting it lapse. If a covered item breaks down after the warranty period is over, repair costs won't be reimbursed.
  

• Does homeowners insurance cover water heaters?

  Homeowners' insurance doesn't cover water heaters when they break down from normal wear and tear. An insurance policy may cover water damage to your home and property if it malfunctions, and if the water heater is damaged by a fire or an accident, home insurance may provide the costs to replace it.
  

• Are RVs covered under homeowners insurance?

  Usually, an RV is covered under your homeowners' insurance, but that coverage will probably be subject to several exceptions and contingencies. For example, if you want to drive your RV, you'll either need car insurance or specialized RV insurance since the risks you'll face on the road do not fall under a homeowner's policy.

• Do new buyers need owner\'s title insurance on a new home?

  There are unique risks that a buyer of a new home may face. For example, property claims from previous owners or liens from suppliers whom the homebuilders never paid during construction. Title insurance protects the home from these perils, and your mortgage lender may require it.
  

• Do owner builders need home warranty insurance?

  In the United States, owner builders are not required to have home warranty insurance. If you're the one who built your home, you're expected to incur the costs of repairs yourself if a structure or appliance breaks down.
  

• Are dogs deaths covered in homeowners insurance?

  Usually, the loss of a dog or other pet is not covered by your home insurance. However, many insurance providers offer riders — packages of added coverage — for pets called pet insurance. This ensures that medical costs and property damage caused by your pets are fully covered.
  

• Are earthquakes covered in standard homeowners insurance policies?

  Standard homeowners' insurance policies do not cover damage directly caused by earthquakes. Insurance will sometimes cover indirect damage, however. For example, if an earthquake causes a fire in your home, damage from the fire will be covered under a standard home insurance policy.
  

• Are homeowners insurance and car insurance deductible?

  Homeowners' insurance and car insurance premiums are not deductible as personal expenses on your taxes. However, some percentage of your premiums may be deductible as business expenses if you own a business and use your car and home for business purposes. This may vary between states.
  

• Are homeowners insurance payouts taxable income?

  If you file a claim after a burglary at your home, for example, the insurance company will assess the value of the property lost or damaged and reimburse that amount. This payout is not taxable because it's not income — it's a replacement of lost value.

• How frequent should one change auto or homeowners insurance to another provider?  

  If you find home and auto insurance policies that you're happy with, you may never want to switch. However, various providers offer different combinations of coverage and price, so you may want to assess all your options every few years.
  

• What should a homeowners insurance include/cover?

  A homeowners' insurance policy should cover the dwelling, personal property inside and some outside, other structures on the property, and liability. For example, it should cover medical bills if a guest sustains an injury. Not all of these coverages are included in every policy.
  

• How much homeowners insurance should someone carry?

  How much insurance you need depends on the size of your home, its age, and other unique factors. Standard insurance policies cover around 70% of the total value of your home and additional covered property. Most policies that offer premises liability include $100,000 in liability coverage.