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Best cheap homeowners insurance in Riverside

riverside california
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riverside california
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Riverside, California, has a population of roughly 330,000, and about 55% of those residents own a home. While home insurance in Riverside is not legally required, many homeowners choose to purchase a policy for financial and legal protection. There are dozens of companies that sell home insurance in Riverside, and Bankrate has reviewed many of the large insurance companies that service this area. In order to determine some of the best cheap homeowners insurance options in Riverside, Bankrate analyzed each company based on numerous factors, like average premium data from Quadrant information services, along with coverage options and discounts. Homeowners can use these same factors to find the most affordable rates for their homeowners policies while obtaining the coverage they need.

Best cheap home insurance companies Riverside

The average cost of homeowners insurance in Riverside is $1,156 for $250,000 of dwelling coverage, but there may be even more affordable options in the popular Southern California city. The table below highlights some of the best cheap home insurance companies in Riverside, including ASI Progressive, USAA and Mercury.

These providers offer affordable premiums (as determined by 2022 rate data from Quadrant Information Services), reliable coverage, discount opportunities and excellent financial strength. Bankrate used these factors, along with third-party customer service ratings from J.D. Power and financial strength ratings, to assign a score to each provider. These scores are based on a five-point scale, with a score of 5 being the highest.

Home insurance company Bankrate Score Average annual premium for $250K dwelling coverage J.D. Power score
ASI Progressive 3.7 $585 879/1,000
USAA* 4.8 $593 905/1,000
Mercury 4 $621 N/A
Allstate 3.9 $747 882/1,000
Travelers 3.7 $823 881/1,000

ASI Progressive

Progressive is well known for its affordable policies and generous discounts and tops our list for the cheapest rates in Riverside. In Riverside, the average homeowner pays $585 per year for a policy with $250,000 in dwelling coverage. You may also be able to take advantage of discounts for insuring a new home, paying your annual premium in full, getting a quote in advance, bundling your home and auto insurance policy and more. In terms of coverage options, Progressive’s endorsements are limited compared to other homeowners insurance providers on this list, but you can add water backup or personal injury coverage for an extra cost.

Learn more: ASI Progressive Insurance review

USAA

USAA offers affordable rates, reliable coverage and great customer service, according to ratings from J.D. Power. In addition to standard coverage, USAA offers unique coverage options for military members, like coverage for military uniforms for deployed or active duty members. Additionally, the company offers discounts for being claims-free, bundling your home and auto insurance policy and having a home security system. However, in order to get coverage from USAA, you must be a member, which is limited to active duty or retired military service members and qualifying family members. Still, while USAA is ineligible to rank with J.D. Power due to its membership requirements, it received the highest number of points on the J.D. Power 2021 U.S. Property Claims Satisfaction Study.

Learn more: USAA Insurance review

Mercury

Mercury is a Los Angeles-based insurance company, so they understand the unique risks of owning a home in California. The policies are generally affordable, with an average annual premium of $621. Although Mercury’s home insurance coverage options are pretty limited, it does offer a wide variety of discounts that can help you get a lower rate. Mercury has discounts for insuring a new home, bunding your policies, living in a gated community, owning a home that is built with fire-resistant materials and installing protective devices in your home.

Learn more: Mercury Insurance review

Allstate

Allstate also offers some of the best cheap homeowners insurance in Riverside, according to our analysis. In addition to having affordable average rates, Allstate offers a number of unique coverage options that allow you to tailor your policy to your needs. For example, HostAdvantage offers coverage to homeowners who home-share and helps further protect your home from theft and damage. Allstate offers a number of discounts, too, including saving up to 20% for remaining claim-free. While Allstate did not score above industry standard on the 2021 J.D. Power survey, it does offer numerous ways to access customer service, including online, through the app or with a customer service agent.

Learn more: Allstate Insurance review

Travelers

Travelers is a great home insurance company for Riverside homeowners who want to build a customized policy with endorsements. You can buy contents replacement cost coverage, green home coverage, water backup/sump pump coverage, special personal property coverage, valuable items coverage and several others. Travelers also offers pretty good potential discounts, with savings for new home buyers, being claims-free, having a LEED-certified home and bundling your home and auto insurance coverage. These discounts could help cut down on the cost of your home insurance policy, which may be helpful considering that Travelers has the highest average rates of the providers on this list.

Learn more: Travelers Insurance review

Riverside home insurance options

Homeowners insurance is usually not required, unless you have a mortgage. But in any case, buying home insurance is often a smart investment. Without home insurance, you are financially responsible for repairing your home, or even rebuilding it completely, following a major loss. Here are some of the coverage options you might consider:

  • Earthquake insurance: A basic home insurance policy usually does not cover earthquake damage, so having a separate earthquake insurance policy is important. You should have enough earthquake insurance to match your home’s replacement value. Riverside homeowners may find this coverage useful, as southern California generally experiences about 10,000 earthquakes per year on average.
  • Flood insurance: Flood damage is also not covered by a standard home insurance policy. Because Riverside is located near the Santa Ana river, this policy may be especially valuable. You can buy flood insurance through the National Flood Insurance Program (NFIP), which is backed by FEMA.
  • Water backup/sump pump coverage: Water backup/sump pump coverage is an optional policy that is available from many insurance providers. It will pay for the damages if water backups in your sewer or drains, or if your sump pump overflows.

Home insurance discounts in Riverside

Taking advantage of home insurance discounts is a great way to lower your premium. Here are some of the most popular home insurance discounts in Riverside:

  • New home discount: If you recently purchased a home, or purchased a newly constructed home, you might be able to qualify for a lower rate.
  • Pay in full discount: Homeowners who pay their annual premium upfront and in full, rather than in monthly installments, can usually get a cheaper rate.
  • Renovation discount: If you have recently renovated major systems in your home, like plumbing or electrical, some insurance companies will lower your rate.
  • Claims-free discount: The claims-free discount generally applies to homeowners who have not filed any insurance claims within the last several years.

Some discount opportunities offer larger savings than others. Many insurance providers offer larger discounts for homeowners who remain claim-free for certain periods of time or for homeowners who bundle coverage with the same company.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 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 will differ.

Bankrate Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Written by
Elizabeth Rivelli
Insurance Contributor
Elizabeth Rivelli is a contributing insurance writer for Bankrate and has years of experience writing for insurance domains such as The Simple Dollar, Coverage.com and NextAdvisor, among others
Edited by
Insurance Editor