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Oakland Home Insurance

Oakland home insurance coverage to protect the assets of residents in this unique area of the country is essential. Oakland, California has beautiful scenery and great weather. It is also the home of the Oakland Raiders, a very well known football team. With a population of 401,587 people as of 2008, Oakland is well known for its high violent crime rate and elevated unemployment rate. This has not stopped thousands of people from moving here, however, and the population has increased in population since 2007.

Oakland is the eighth largest city in California and it is the 44th largest city in the United States. There are 78.2 square miles that are part of Oakland, however only 56% is land. There are 7,100 people living per square mile in Oakland and Oakland is consistently topped the top ten list of worst cities to live in the United States. This city has 157,508 homes in a 56 square mile area, the property owners live in 38% of the homes and 55% are rental properties. There are also 4,727 homes for sale in Oakland and a stunning 4,412 of those homes for sale are in foreclosure or have been foreclosed on.

With the high crime rate in Oakland, it is important for homeowners and renters alike to purchase insurance to cover the property in their home. Without home insurance, you are making it impossible to recoup your costs should your home be burglarized. Knowing our risks as well as what types of insurance you should consider purchasing is important before you purchase your insurance. You should always compare rates from multiple companies as well so that you get the best home insurance rates.

There are 182 licensed insurance companies in the State of California, so you will have plenty of opportunity to choose the company that you want. However, with so many choices, it is important that you narrow down your choices with a quote so that you are not researching companies that offer policies out of your price range.

Negative Influences on Oakland Home Insurance Rates

Oakland home insurance costs are influenced by many factors. The value of your home, where you live and the crime statistics in your area are major factors. According to the National Association of Insurance Commissioners the average cost of homeowners insurance in California is $937 annually; however, in Oakland, the average price is $1,600 annually. Of course, this is an average; there are too many contingencies to say for sure what range your insurance will fall under until you get an actual quote.

Renter’s insurance, because the insurance covers possessions rather than property, is much more affordable, with the average cost in Oakland being about $350 annually. It is still valuable to get quotes for renter’s insurance, however.

The property crime rates, burglary, and larceny/theft rates will all have a serious impact on your home insurance rates. There were 21,488 property crimes, 4,488 burglaries, and 8,915 larceny thefts committed in Oakland in 2008 according to the FBI Report of Offences Known to Law Enforcement report. This means that one in 18 people were victims of a property crime, one in 89 people were victims of burglaries and one in 45 people were victims of larceny.

In terms of the national average, the burglary rate in Oakland is one and a half times higher than the national average, the larceny rates is one times the national average and the property crime rate is 1.3 times the national average. The amount of claims made in the area that you are considering will negatively impact your rates as well. The more claims in the area the more expensive your home insurance rates will be.

Positive Influences on Oakland Home Insurance Rates

While there are many things that will negatively influence your Oakland home insurance rates, there are even more that can positively affect your rates, helping to reduce your home insurance costs. Again, where you live can have both a positive and negative affect on your rates. However, living near a fire station, a police station and a fire hydrant will help to reduce your rates.

Having the property anti-theft devices on your home will help to reduce your rates as well. While having a burglary alarm is always a good idea, you will receive deeper discounts if you have your burglary alarm connected directly to the police department or a burglary alarm company. The same thing applies to smoke alarms; those attached directly to the fire department will yield you deeper discounts than stand alone alarms. You will also receive discounts from many insurance companies if you have carbon monoxide alarms as well.

A good credit score can also positively affect your home insurance rates, so check your credit report, ensure that everything on your report is accurate, and correct any mistakes. You may also receive discounts if no member in your home smokes as smoking increases your chance of an in-home fire.

How to Get Cheaper Oakland Home Insurance Rates

There are additional ways to reduce your homeowners insurance rates. You should always ensure that you only insure the value of your home, without including your property. Your land cannot be stolen; therefore, there is no reason for you to insure your land.

Increase your deductibles. There are several deductible sizes to choose from, $250 being the most common. However, if you increase your deductible to $500 you can save up to twelve percent on your homeowners insurance. An increase of $1000 can save you 24%, $2,500 saves you up to 30% and $5,000 can save you 37%, so if you can afford a higher deductible, you should consider it.

Check the crime rates of the areas that you are considering buying a home in, and take that into consideration when making your purchase.

Consider purchasing a new home versus an older home because newer homes have less wear and tear, making them less susceptible to harm if a disaster occurs.

Always check the rates for your area annually as crime rates change, your rates could decrease. You can use a quote tool as often as you want without any obligation, so there is no reason for you not to monitor how the rates for your area are doing.

Getting a quote on your Oakland home insurance will help you narrow down your choices as well as find the lowest rates available. Once you get your home insurance quote, you will want to investigate the insurance companies that you are thinking about using. It is not enough that they offer low rates, it is also important to consider their claim payment rate as well as their customer service department.

You can check reviews online from actual customers as well as check with family, friends and your neighbors to see what they have to say about the insurance companies that they use, you may get some valuable insight to the company that you are considering.

Free Oakland Home Insurance Quotes

Oakland homeowners insurance quotes are free and easy and you can get a quote in just a few minutes. If your home is financed by a bank, you will be required to maintain your home insurance; however, this does not mean you have to pay top dollar for it. Make it your business to know what savings are available to you and pay less for your home insurance by getting a free quote first. Start comparing free Oakland home insurance quotes online now!

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