California’s Home Premiums are Going Up. Here’s Why

Date: Sep 7, 2021
By: Basi Insurance
In: 

CALIFORNIA RANKS SECOND IN THE NATION FOR HOME LIABILITY LOSS COSTS

The graphic below shows why the cost of insuring your home in California is, unfortunately, going up.

Images with text shows graph of Countrywide Non-weather peril trend where loss cost is steadily going up from 2014-2019. Map of US shows 4 states with the highest home liability loss costs:  California, Colorado, Missouri, Connecticut. Lowest are Arkansas, Mississippi, North Carolina, West Virginia. Structures in very high severity zones are in San Francisco, San Diego, Los Angeles. California is third in the nation for water losses. Construction costs continue to rise, and California's material costs continue to be higher than national averages. Wildfire risk continues to increase, and 1 in 4 Californians live in areas consider to be at high risk for wildfire. Over 1.1 million California buildings are in a very high severity hazard zone. Provided by Safeco Insurance. Their information obtained from LexisNexis, CoreLogic, Calfire, LA Times

While we can’t control the what drives the premiums up, we at Basi Insurance can help customize your coverage by doing the shopping for you. We have access to multiple insurance carriers and can create custom-fit coverages with reasonable rates for your specific needs. Go to the home insurance page on our website and fill out the “Let Us Help” form for a custom quote by an agent specialist. OR call your favorite Basi agent or our office for a quote or review of your homeowner’s policy at 209-847-3065 OR email [email protected]. We are always here to help protect what matters most!

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