The Cheapest and Best Homeowners Insurance in Riverside
The Cheapest Home Insurance Companies in Riverside
One of the essential attributes to look at when selecting homeowners insurance in Philadelphia is the cost of coverage. The majority of companies provide the same standard coverage at different prices.
The cheapest homeowners insurance providers in Riverside for a $500,000 dwelling coverage limit are:
- ASI: $1,363 per year
- Allstate: $1,484 per year
The rates may vary significantly based on the coverage amount purchased. If you are looking for a policy with a dwelling coverage limit of $2,000,000 for your expensive home, for instance, the two cheapest companies in the city will be:
- ASI: $3,844 per year
- Allstate: $5,967 per year
Your homeowners insurance cost depends on how much dwelling coverage you choose. You can use the table below to see how rates change across different dwelling coverage limits.
The Cheapest Home Insurance in Riverside, Ranked
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Sample policies used by MoneyGeek for this study have an initial dwelling coverage limit of $200,000 and a personal property limit of $100,000. A policy with a higher dwelling coverage limit of $2,000,000 has a property coverage limit of $800,000. All policies referenced in Riverside have $100,000 in liability coverage.
If you live elsewhere in the state, you can use MoneyGeek’s research to compare homeowners insurance quotes across California.
The Average Cost of Homeowners Insurance in Riverside for 2022
How much is homeowners insurance in Riverside? The average cost of homeowners insurance in the city is $2,207 per year on average. That is $205 more than the state average and $104 more than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Riverside
While your location can significantly impact your homeowners insurance rates, other factors also influence these costs, including the amount of dwelling coverage you choose, your personal property value and your credit score.
You can use the MoneyGeek homeowners insurance calculator to compare quotes between different companies within Riverside.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Riverside
Several factors can help you choose the best homeowners insurance companies in Riverside aside from the cost of coverage. You should, for example, select a company that has high financial stability and customer satisfaction scores.
From MoneyGeek’s analysis, the best insurance companies for a homeowner in Riverside are:
- Best Overall: USAA (only available to former and current military members)
- Runner-up: Allstate
To obtain the scores, MoneyGeek analyzed financial stability, affordability and customer satisfaction ratings for different homeowners insurance companies.
USAA is among the cheapest homeowners insurance companies in Riverside. The company provides coverage for lost uniforms for individuals who are still in active service. Policyholders can also add home-sharing coverage to their packages if they rent out their homes. Customers also pay less for homeowners insurance if their homes have security systems.
USAA ranks the best overall across all three categories. The company, however, only serves former and current military members and their families.Read MoneyGeek's USAA home Insurance Review
Your Allstate homeowners insurance cost reduces by $100 for each year that you do not file a claim to a maximum of $500. You can also include Claim Rateguard in your coverage so that your rates do not spike due to filing a claim. Although homeowners insurance does not cover flood damage, you can easily purchase this from the National Flood Insurance Program through an Allstate agent.
Allstate is the second-best overall and the best for Riverside residents who are not in the military. With excellent scores across all three categories, the company provides lower rates for claim-free individuals, including those switching from other insurance companies.Read MoneyGeek's Allstate home Insurance Review
Cheapest Home Insurance Companies in Riverside for Newly Constructed Homes
Newly constructed homes in Riverside are more affordable to insure since they are built using modern materials that are resistant to damage. The materials are also easy to replace, and owners are less likely to file a claim.
For newly constructed homes, homeowners insurance in Riverside costs an average of $1,687 per year. That’s $520 less than the $2,207 average per year for homes built in 2000.
Based on Moneygeek’s research, the cheapest companies for newly constructed homes for a dwelling coverage of $250,000 in the city are:
- ASI: $905 per year
- Travelers: $1,127 per year
The Cheapest Home Insurance in Riverside for New Homes, Ranked
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Cheapest Home Insurance Companies in Riverside if You Have a Lot of Personal Property
In Riverside, homeowners insurance protects you against damage to your building and any of your personal property within it. The more possessions you choose to cover, the more you’ll pay for homeowners insurance.
Homeowners pay an average of $2,500 per year for a standard policy with a personal property limit of $250,000. If you decide to purchase a policy with a $100,000 personal property limit, you will pay $2,207 per year on average.
From the MoneyGeek study, the cheapest insurers for Riverside residents with high personal property limits are:
- ASI: $1,483 per year
- Allstate: $1,532 per year
Cheap Companies in Riverside for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Riverside for High Deductibles
The amount you pay out of pocket while your insurer is processing your claim is known as a deductible, and it is one of the factors that determine how much you pay for your homeowners insurance premium. If your deductible is high, you will pay less for your premiums and vice versa.
A policy with a deductible of $2,000, for instance, costs $1,888 per year on average. Meanwhile, a policy with a deductible of $1,000 costs $2,207 per year.
The two cheapest providers of homeowners insurance in Riverside for high deductibles are:
- USAA: $1,181 per year (only available to former and current military members)
- ASI: $1,239 per year
The Cheapest Companies in Riverside for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Riverside if You Have Poor Credit
Due to California’s regulations, insurance companies in Riverside are not allowed to base their rates on credit score. Therefore, your rates will not be higher if you have a poor credit score, as they would be in most states.
Getting Online Homeowners Insurance Quotes in Riverside
When getting an online quote from any of the insurance providers in Riverside, you will be asked for some information about your home, including the following:
- Personal property value - This refers to the value of the personal items that you include in your policy. Insurance companies use this information to calculate individual property coverage limits.
- Home replacement cost - This is the cost of rebuilding your damaged home and is different from the home’s actual market value. Insurance companies use this information to determine your dwelling coverage limits. A building contractor or construction professional can help you estimate this cost.
- Personal information - You will also need to provide some details about your home, including the address, number of occupants and your insurance history.
- House details - You will need to state the year your house was built, its size and whether it has any safety devices.
Homeowners Insurance in Riverside Analysis: Methodology
The base profile used in this research represents a homeowner with a 2,500-square-foot home built in 2000. The policy has a dwelling coverage limit of $500,000, a personal property coverage limit of $200,000, liability coverage of $100,000 and a $1,000 deductible.
MoneyGeek analyzed homeowners insurance costs in Riverside for 13 companies using data obtained in partnership with Quadrant. Affordability scores were calculated using homes with different coverage levels, and customer satisfaction scores came from J.D. Power’s research.
About Mark Fitzpatrick