The Best Cheap Homeowners Insurance in San Francisco, California for 2022: Quotes and Reviews
The average cost of homeowners insurance in San Francisco, California, is $2,092 per year or about $174 per month. But these prices will vary depending on the carrier you select. In San Francisco, Allstate presents the cheapest rates on average, at $1,276, while the costliest provider is MetLife, charging $4,157 per year. Thus, homeowners can save up to $2,881 per year by shopping around and comparing quotes. For those looking for high-quality service combined with affordability, MoneyGeek ranked the best homeowners insurance companies in San Francisco.
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The Cheapest and Best Homeowners Insurance in San Francisco
The Cheapest Home Insurance Companies in San Francisco
Price is a vital consideration for most homeowners as insurers typically offer similar core coverages.
For a policy with $500,000 in dwelling coverage, the cheapest home insurance companies in San Francisco are:
- Allstate: $1,276 per year
- Travelers: $1,291 per year
For expensive houses — those having dwelling coverage limits of $2,000,000 — the two least expensive home insurance companies in San Francisco are:
- ASI: $4,236 per year
- AAA: $4,963 per year
Your dwelling coverage limits greatly impact your home insurance plan’s costs, and certain providers may be more affordable for your needs than others. You can use the table below to view how the price changes when you alter the dwelling coverage.
The Cheapest Home Insurance in San Francisco, Ranked
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MoneyGeek’s sample home insurance policies have an initial baseline dwelling coverage of $500,000 and personal property limits of $200,000. Personal property limits rise to $800,000 for policies with a dwelling coverage of $2,000,000. Regardless of the dwelling coverage limits, liability coverage remains $100,000.
If you live elsewhere in the state, you can also compare home insurance rates in California as a whole.
The Average Cost of Homeowners Insurance in San Francisco for 2021
The average cost of home insurance in San Francisco is $2,092 per year or about $174 per month. This is $90 more than the average cost of homeowners insurance in California, which is $2,002 per year, but $11 less than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in San Francisco
Multiple factors impact the cost of your home insurance policy in San Francisco. These include your residential location and the amount of dwelling and personal property coverage you buy. You can use MoneyGeek’s home insurance calculator to compare home insurance quotes in San Francisco.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in San Francisco
Besides price, you should also carefully consider customer support quality and financial stability when selecting an insurer. The provider should give you the assurance that it can process your legitimate claim fairly and quickly and reimburse you without hassle.
Based on MoneyGeek’s study, the companies with the best homeowners insurance in San Francisco are:
- Best Overall: USAA (only available to former and current military members)
- Runner-up: Hartford
MoneyGeek uses a unique scoring system that ranks home insurance companies based on the parameters of user satisfaction, affordability and financial stability.
For those who rent out a room or their entire home, USAA presents home-sharing coverage to cover costs associated with being a landlord. California residents can add earthquake damage to their policies to stay protected. Active service members are covered for the loss of their uniforms with no deductible applied.
Our top pick for San Francisco is USAA, with perfect scores in customer satisfaction and AM Best’s financial stability ratings. However, USAA only serves veterans, current military members and their families.Read MoneyGeek's USAA home Insurance Review
Hartford offers flood protection through the National Flood Insurance Program (NFIP).
Homeowners who have installed security devices, such as deadbolt locks and smoke detectors, can qualify for discounts. Retired homeowners can get a credit on their home insurance premium if they work less than 24 hours per week.
Hartford ranks second in San Francisco with impressive scores for affordability and J.D. Power’s customer satisfaction rating.Read MoneyGeek's The Hartford home Insurance Review
Cheapest Home Insurance Companies in San Francisco for Newly Constructed Homes
Newly built homes in San Francisco are usually less expensive to insure. They use modern materials that are more resistant to damage, lowering the probability of the homeowner filing a claim. It’s also easier for insurance companies to replace newer materials. In San Francisco, home insurance for a newly built home costs $1,631 per year on average, while coverage for a home built in 2000 costs an average of $2,092 per year.
For homeowners with $500,000 in dwelling coverage for a newly constructed home, the two cheapest providers of home insurance in San Francisco are:
- Travelers: $834 per year
- ASI: $938 per year
The Cheapest Home Insurance in San Francisco for New Homes, Ranked
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Cheapest Home Insurance Companies in San Francisco if You Have a Lot of Personal Property
Home insurance also covers the personal property you keep at home. The higher the amount of personal property coverage you purchase, the higher the cost of your homeowners insurance. A standard home insurance policy in San Francisco with personal property limits of $250,000 costs $2,409. In comparison, the rate is $2,092 if your personal property coverage limit is $100,000.
For San Francisco homes that keep $500,000 in dwelling coverage but increase personal property coverage limits to $250,000, the two most affordable home insurance companies are:
- Allstate: $1,327 per year
- Travelers: $1,418 per year
Cheap Companies in San Francisco for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in San Francisco for High Deductibles
The deductible is the fee you pay out of pocket to get your claim processed. Deductibles impact your home insurance cost in San Francisco.
For example, a policy with a $2,000 deductible costs $1,821 on average, while a policy with a $1,000 deductible costs $2,092 on average. The higher your deductible, the lower your premium will be.
On average, the two carriers with the cheapest home insurance in San Francisco for a policy with a $2,000 deductible are:
- Travelers: $1,080 per year
- Allstate: $1,198 per year
The Cheapest Companies in San Francisco for High Deductibles, Ranked
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Cheapest Home Insurance Companies in San Francisco if You Have Poor Credit
State regulations in California forbid insurers from using a consumer’s credit score to determine their premium. In this state, insurance companies cannot charge higher rates for those with low credit, so credit score is not a factor in calculating prices.
Getting Online Homeowners Insurance Quotes in San Francisco
You should have the following information at hand to get an online homeowners insurance quote:
- Home replacement cost – This is the amount it will take to reconstruct your house using similar materials if it gets damaged. Your home’s replacement cost decides your dwelling coverage limits. It’s advisable to hire a professional, such as a building contractor or an independent appraiser, to get an accurate estimate.
- Personal property value – The value of your personal possessions will determine the personal property coverage limits.
- Personal information – You’ll need to provide your address, the number of people in your household and your insurance history, among other data.
- Details about your house – Provide information about your home, including how big it is and whether you have installed any security devices. Providers will also ask about the age of your home.
Homeowners Insurance in San Francisco Analysis: Methodology
The base profile of the average homeowner in San Francisco is someone who has a 2,500-square-foot home built in 2000, with dwelling coverage of $500,000, personal property coverage of $200,000 and liability coverage of $100,000. All policies have deductibles worth $1,000.
MoneyGeek analyzed home insurance premiums from 13 companies in San Francisco using the information provided in partnership with Quadrant. We calculated affordability using quotes for a home with varying coverage levels, while customer satisfaction ratings were from J.D. Power. We gathered quotes from homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores to provide accurate information for various situations.
About the Author
- Insurance Information Institute. "Background On: Credit Scoring." Accessed April 23, 2021.