Fresno has a variety of affordable housing and home buying assistance programs available to help residents own a home. Although the programs help with the cost of housing, buyers would still need to pay for home insurance and taxes. The average home insurance Fresno cost is $916 per year for a $250,000 dwelling. However, there are ways to save on coverage by choosing the best and cheapest home insurance company.
Best cheap home insurance companies in Fresno
Bankrate collected quotes from the best homeowners insurance companies in California. Once the quotes were averaged out and ordered, we analyzed the top carriers’ customer rating, financial strength and policy options to narrow the list down to five:
|Home Insurance Company||Average Annual Premium for $250K Liability||JD Power Score|
*USAA is not eligible for official ranking with J.D. Power due to eligibility restrictions
Mercury Insurance is based in California and provides the lowest homeowners insurance rates in Fresno. For an average of $498, you will get a standard HO-3 policy. You can add special coverages such as extended replacement cost to increase the policy limit to 150% if you need to rebuild your home. Considering that the housing market is booming at this time and lumber prices are skyrocketing, the extended replacement cost coverage could be a lifesaver.
Progressive makes shopping around for cheap home insurance in Fresno much easier. The Homequote Explorer tool asks you some questions about your home and returns a Progressive quote, as well as quotes from several other carriers for you to compare. Using the tool can save you time when you are trying to decide on what carrier has the lowest rates.
USAA’s home insurance comes with free perks such as replacement cost coverage and identity theft protection included in a standard policy. However, USAA is only available to members. Free membership is only available to military personnel, veterans or close relatives. If you manage to qualify for membership, you will receive award-winning customer service and affordable rates. You can also add flood and earthquake insurance directly with the carrier instead of having to shop for coverage through an exchange or state-run program.
Travelers home insurance makes the list for offering special coverages you will not find from many other insurance companies. Some of the optional home insurance coverages available that could expand an HO-3 for broader protection include green home rebuilding, which allows you to replace items with eco-friendly or energy-efficient versions, water backup to cover the expense of damages caused by a failing sump pump or backed up sewer line and a personal articles floater to insure higher-value items, such as jewelry, collectibles and antiques for their full value.
If you are in search of a cheap home insurance company in Fresno with personal attention, State Farm has the largest network of local agents and offices in Fresno of all the carriers on this list. There are 22 State Farm agents in Fresno available to help you with coverage or to follow up on your claims. Working with an agent is not necessary — the State Farm website and mobile app are full-featured and make it possible to manage your billing, file claims and track them.
Fresno home insurance recommendations
Although home insurance is not mandatory in Fresno, your lender will require you to carry a valid home insurance policy until you pay off your mortgage. Even if your home is paid in full, wildfires, floods and earthquakes are far too common to risk losing your home in a natural disaster and not having the money to rebuild it. The annual cost of home insurance is a small investment for the financial protection you receive if your home is lost.
It is important to note that wildfires are a covered peril but earthquakes and floods are not. Besides a standard home insurance policy, the following optional coverages may be worth adding:
- Earthquake insurance: California in general is at a high risk for earthquakes. You could buy earthquake coverage to protect your investment, although not all insurance companies sell it. If your carrier does not provide it, the California Earthquake Authority offers homeowners affordable coverage.
- Flood insurance: As mentioned, flood damage is not covered in a standard home insurance policy. If you live in an area at risk for flooding, the optional coverage may be essential.
- Extended replacement cost: As mentioned, the housing market is booming and building materials are a commodity. Lumber and many raw materials have skyrocketed in prices, which means rebuilding your home may be far more expensive than you planned for. Extended replacement cost increases your limit by as much as 150% to make up for market changes.
Home insurance discounts in Fresno
Fresno homeowners may be able to save further on their home insurance by taking advantage of discounts most carriers offer. They include:
- Multiline or bundling: It is likely that your household owns at least one vehicle, if not more. You can get a discount on home and car insurance if you buy them from the same carrier.
- Fire resistance: Insurance companies may give you a discount on coverage if you cut back overgrown trees and dry brush and show that your home is built with fire-resistant home materials such as siding and roofing.
- Protective devices: Letting your carrier know that your home’s doors have deadbolts, or you have an alarm system and/or smoke and carbon monoxide alarms installed in your home could lower your premiums.
All three of the discounts can save you money on your home insurance in Fresno. Best of all, you do not have to choose just one. Most carriers will give you multiple discounts for each reduction you qualify for.
Frequently asked questions
What is the best home insurance company?
The best home insurance company for you will be different from the best home insurance company for someone else. You will want to compare providers by looking at coverages, discounts, rates, customer satisfaction scores and more.
How much does home insurance in Fresno cost?
The average home insurance Fresno cost is $916 per year for a $250,000 dwelling. It’s lower than the state average of $1,014 and the national average of $1,312.
How much home insurance do I need in Fresno?
Most carriers will help you set your HO-3 limits based on the area statistics and details they have collected about your home. It is hard to pinpoint yourself since setting your home’s market value as your dwelling limit may not accurately reflect the cost of materials and labor to rebuild a home.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homeriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.