The Cheapest and Best Homeowners Insurance in Torrance
The Cheapest Home Insurance Companies in Torrance
When it comes to home insurance, many companies offer the same basic coverages, so pricing may be a key deciding factor for Torrance residents. MoneyGeek identified the following as the cheapest homeowners insurance companies in Torrance, with dwelling coverage of $500,000:
- Allstate: $1,113 per year
- ASI: $1,163 per year
The cheapest companies in Torrance for expensive homes with $2 million in dwelling coverage are:
- ASI: $3,246 per year
- Allstate: $4,445 per year
You can see how rates vary by changing the dwelling coverage limits in the table below.
The Cheapest Home Insurance in Torrance, Ranked
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All of the policies with initial baseline dwelling coverage have personal property limits of $200,000, while those with dwelling coverage of $2 million include personal property limits of $800,000. The liability coverage on any insurance, according to MoneyGeek, is $100,000.
If you live in another city, you might want to look into other home insurance in California.
The Average Cost of Homeowners Insurance in Torrance for 2022
The average cost of homeowners insurance in Torrance varies greatly based on the home’s location, age and building type. Yet, in Torrance, the average cost is $1,848 per year, which is lower than the state and national averages of $2,002 and $2,103, respectively.
Calculate the Cost of Home Insurance in Torrance
The location of your house has a direct impact on the cost of your homeowners insurance in Torrance. Factors such as the amount of housing coverage you purchase and the amount of personal property coverage you need are also as important as your home’s location.
You can compare homeowners insurance quotes available in your city with MoneyGeek's home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Torrance
Cost should not be the only consideration when buying homeowners insurance in Torrance. You should also consider the company’s financial stability and customer service reputation. People file claims during trying times, so it’s important that your insurance company handle these efficiently and fairly.
MoneyGeek analyzed a wide range of parameters, such as price, consumer satisfaction and financial stability, in order to rank these as the best homeowners insurance providers in Torrance:
- Best Overall: USAA
- Runner-up: Allstate
It’s important to note that USAA offers policies only to veterans and military families.
According to MoneyGeek's analysis, USAA is the best homeowners insurance provider in Torrance. Its insurance costs $1,424 a year and gives homeowners the option of selecting from a variety of additional coverages.
If you live in Torrance, USAA offers optional earthquake and house rental coverage. The latter option covers you and your guests if you rent out a single room or your entire property.Read MoneyGeek's USAA home Insurance Review
Allstate ranks high in MoneyGeek's analysis of affordability, satisfaction and financial stability. In addition to the annual policy cost of $1,113, Allstate offers a variety of optional coverages, including flood damage.
Allstate offers several benefits, such as decreased deductibles for remaining claims-free and automatic payment discounts. The company will also help you secure flood insurance through the National Flood Insurance Program.
Most of these coverages are usually "add-ons," which means they can be purchased separately from your insurance and are not included by default. When an insurer includes these benefits in the policy cost, it’s offering you an automatic cost advantage.Read MoneyGeek's Allstate home Insurance Review
Cheapest Home Insurance Companies in Torrance for Newly Constructed Homes
Homes built with current materials are more resistant to damage, which means homeowners are less likely to submit a claim. In addition, newer materials may be easier for an insurer to replace, so newly built homes in Torrance can be significantly less expensive to insure than older homes. Insurance for a newly constructed home costs an average of $1,426, compared to $1,848 for a home built in 2000.
According to MoneyGeek's analysis, the most affordable insurance providers in Torrance for new homes, with $500,000 in dwelling coverage, are:
- ASI: $747 per year
- Travelers: $883 per year
The Cheapest Home Insurance in Torrance for New Homes, Ranked
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Cheapest Home Insurance Companies in Torrance if You Have a Lot of Personal Property
Homeowners insurance in Torrance also covers damage to any personal belongings kept in the house. Those with more personal belongings will pay a higher rate. The average home insurance policy in Torrance costs $2,112 for personal property limits of $500,000, compared to an average of $1,848 for personal property coverage limits of $500,000.
For personal property coverage limits of $500,000, the following are the cheapest home insurance companies in Torrance:
- Allstate: $1,154 per year
- ASI: $1,264 per year
Cheap Companies in Torrance for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Torrance for High Deductibles
The amount of your deductible can have a significant impact on the cost of your homeowners insurance in Torrance. You will pay more out of pocket when you file a claim if you choose a higher deductible, but your annual premium will be lower. The average cost of coverage with a $2,000 deductible is $1,593, while coverage with a $1,000 deductible costs $1,848.
The cheapest homeowners insurance providers in Torrance offering $2,000 deductibles are:
- Allstate: $1,047 per year
- ASI: $1,054 per year
The Cheapest Companies in Torrance for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Torrance if You Have Poor Credit
If you’re looking for the cheapest homeowners insurance in Torrance, it is important to note that insurance companies in California do not utilize credit-based scores or your credit history when underwriting or calculating homeowners insurance rates. As a result, your credit won't affect either your ability to get or renew insurance or the amount of premiums you pay.
Getting Online Homeowners Insurance Quotes in Torrance
It's essential to evaluate pricing and coverage levels while shopping for homeowners insurance in Torrance. The cost of an insurance policy can vary substantially from one provider to the next, even for policies with the same basic coverage. If you wish to obtain an online quote, you should have the following information handy:
- The cost of replacing your home: This cost is affected by construction costs, square footage, material quality, and home features. You'll need to talk to a contractor or a construction expert to get an estimate.
- The worth of your personal property: In addition to the value of your home, home insurance can cover the value of your personal property.
- Personal information: You’ll be asked about your address, information on who lives in your home, insurance history and other details.
- House information: When it comes to your home, the insurer will want to know when it was built, how big it is and what safety equipment it has, among other things.
Homeowners Insurance in Torrance Analysis: Methodology
MoneyGeek evaluated 13 home insurance companies in Torrance to determine affordability scores based on data provided by Quadrant. Quotes were obtained for a home with various coverage levels.
The base homeowner profile included $500,000 in dwelling coverage, $200,000 in personal property coverage and $100,000 in liability coverage for a 2,500-square-foot home built in 2000. The policies featured a $1,000 deductible.
Moreover, MoneyGeek used quotes collected for homeowners with newly constructed homes, additional dwelling or personal property coverage needs, higher deductibles and poor credit scores. J.D. Power's customer satisfaction ratings were also used for this in-depth evaluation.
About Mark Fitzpatrick