Irvine, California, with its population of 287,000 and a home ownership rate of 46.8%, also has a median home price range of $838,000. This means protecting such a high cost item like a home in Irvine is necessary, and is done through a comprehensive homeowners insurance policy. Rates for these policies average $1,027 per year for $250,000 in dwelling coverage, which is below the national average of $1,312 per year. Bankrate reviewed multiple carriers to find out which ones are offering cheap homeowners insurance rates in Irvine as well as other important features, such as digital tools and coverage options.
Best cheap home insurance companies Irvine
Bankrate reviewed several of the popular national carriers to find which ones were offering both cheap homeowners insurance rates in Irvine according to 2021 rate data, as well as customer satisfaction ratings through the 2020 J.D. Power & Associates home insurance study. We also compared policy options and accessibility.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power customer satisfaction score|
Founded in 1961, Mercury is a California-based insurance company that uses the strength of a 9,400 agent network. It also happens to offer the lowest premiums of the carriers reviewed by Bankrate, with premiums averaging $590 per year for $250,000 dwelling coverage. Mercury offers homeowners plentiful coverage options, such as personal liability coverage and identity theft protection. Discounts are also potentially available for things such as new home construction and bundling your home and auto policies.
Learn more: Mercury Insurance review
If you meet the eligibility requirements for USAA, which means you are an active service member, veteran or immediate family member of either, you will have access to the competitive rates and discounts USAA offers. The A++ Superior rating from AM Best is another indicator of the strength of this San Antonio-based carrier.
Learn more: USAA Insurance review
Founded in 1922, State Farm is the largest insurance provider in the U.S. and operates with a network of over 19,000 independent agents. You also have the option to obtain a quote online, through the app or by calling the customer service number, highlighting the continued innovation from this giant carrier. Homeowners insurance policyholders can expect competitive rates, with some of the lowest rates among the carriers on the list. Customer satisfaction is high, with the above-industry standard rating of 829 out of 1,000 possible points with J.D. Power.
Learn more: State Farm Insurance review
Progressive is the third-largest provider of insurance in the U.S. now and continues to evolve to meet policyholders demands of competitive rates and high customer satisfaction. The mobile app allows you to obtain a quote or make a change to your policy, or file a claim and retrieve all of your documents from one place. Plus, the A+ Superior rating from AM Best further demonstrates how financially strong Progressive is, even after 84 years of writing policies.
Learn more: Progressive Insurance review
Founded in 1865, Travelers is a New York-based insurance company and offers numerous coverage options for homeowners. While you can find the standard coverages such as dwelling and liability, Travelers offers unique options too, such as water backup and sump pump overflow coverage, as well as a personal articles floater for your higher value items. If you need discounts, there are multiple available, including bundling, which the Travelers site claims can save you up to 12% on your policy premiums.
Learn more: Travelers Insurance review
Irvine home insurance recommendations
Unlike auto insurance, which is legally required in the state of California, homeowners insurance is not required by law. However, most lenders require the purchase of a policy when you are financing a home. It also makes sound financial sense to protect the investment of your home, and you can do so with a variety of coverage options, such as:
- Earthquake coverage: Most homeowners policies do not include earthquake coverage, however, a separate endorsement can be purchased to offer more protection if your home is damaged as a result of earthquakes.
- Scheduled personal property coverage: Homeowners insurance provides coverage for your personal belongings inside your home, such as your furniture and clothing. However, if you have high-value items, such as fine art or jewelry, you will need a separate scheduled personal property policy.
- Replacement cost coverage: This is coverage where the payout to replace your damaged belongings is based on current market value, as opposed to a policy that pays for an item, minus the depreciated value.
Home insurance discounts in Irvine
There are numerous ways to save on home insurance in Irvine, even if the rates already fall below the national average of $1,312 per year. Look for discounts such as:
- Paperless statements: If you are willing to receive your statements electronically instead of in the mail, you can save additional money on your premiums and positively impact the environment too.
- New home construction: If your home is less than 12 months old, carriers may provide additional savings if you purchase new construction.
- Bundling: If you purchase from the same carrier you currently purchase your auto insurance policy through, you are likely eligible for substantial savings when you have two or more policies.
Increased savings is entirely possible with homeowners insurance, not only with discounts but other methods too. Comparing several carriers at once will show you which one offers the best rates and best coverage options for your budget. Also, raising your deductible is another way to lower your premiums, since you are taking on more risk by paying more out of pocket if you have a claim.
Frequently asked questions
What is the best home insurance company?
Finding the best home insurance company means examining which carrier offers competitive rates, great coverage options and discounts, plus is financially strong and has positive customer reviews.
How much does home insurance in Irvine cost?
The average cost of homeowners insurance in Irvine is $1,027 per year for $250,000 dwelling coverage. However, your exact rates are only known by obtaining a quote, since rates are based on specific information such as the zip code and location of the home.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers 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.