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Geico and Mercury rank cheapest for home insurance in California
The quoted premiums are for $200,000 of coverage, with Geico averaging the lowest rates as home values rise.
A recent survey by Clearsurance.com found that Geico and Mercury are the cheapest home insurance providers in California, based on the premiums a customer would pay for $200,000 of home coverage.
Coverager reports that Geico sells policies nationwide, while Mercury Insurance writes coverage in only a few states, with a focus on California. The survey also said Geico’s rates stay lowest on average even as home values increase.
The article notes that California homeowners face distinct risks not common in many other states, including earthquakes and wildfire losses, which have led some insurers to pull back from the region or exclude wildfire coverage.
Coverager also highlights that California FAIR Plans are being used as a last resort when coverage cannot be found in the competitive market, and that bundling home and auto can cut premiums by 10% to 20%, with claims free discounts potentially saving homeowners as much as 25%.