Riverside, California has a population of roughly 330,000, and about 55% of those people own a home. Home insurance in Riverside is not legally required, but many homeowners choose to purchase a policy for financial and legal protection. The average cost of home insurance in Riverside is $1,088 per year for a policy with $250,000 in dwelling coverage.
There are dozens of companies that sell home insurance in Riverside. We did some research to find the best homeowners insurance in Riverside using criteria like price, coverage options and discounts.
Best cheap home insurance companies Riverside
The table below highlights the best cheap home insurance in Riverside. These providers offer affordable premiums (as determined by 2021 rate data), reliable coverage, impressive discounts and excellent financial strength.
|Home insurance company||Average annual premium for $250K liability||J.D. Power customer satisfaction score|
USAA offers affordable rates, reliable coverage and great customer service according to ratings from J.D. Power. But to get coverage from USAA, you must be an active duty or retired military service member. We like that USAA includes earthquake coverage in every policy and covers 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.
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 $583. 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.
Progressive is well known for its affordable policies and generous discounts. In Riverside, the average homeowner pays $640 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, but you can add water backup or personal injury coverage for an extra cost.
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.
Nationwide may not be the cheapest home insurance company in Riverside, but you get what you pay for. Nationwide offers lots of endorsements, including earthquake insurance, flood insurance, replacement cost plus coverage, credit card coverage, better roof replacement coverage and more. The company also has a variety of home insurance discounts. You can save money by being claims-free, living in a gated community, having a newer roof, insuring a newly purchased home and having a newly renovated home, among others.
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.
- 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 is 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.
Frequently asked questions
What is the best home insurance company?
The best home insurance company varies. It depends on factors like where you live, what type of coverage you need, what discounts you can qualify for and your budget. Before you buy home insurance, it is a good idea to shop around, get a few quotes and compare providers using your personal criteria.
How much does home insurance in Riverside cost?
In Riverside, the average annual home insurance premium is $1,088 for a policy with $250,000 in dwelling coverage. However, keep in mind that factors like your ZIP code, age, credit score, claims history, the age of your home and the size of your home will all impact your premium.
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 2021 Quadrant Information Services data.