Cheap Homeowners Insurance San Francisco

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cheap homeowners insurance san franciscoAffordable housing is difficult to find in San Francisco. According to data from the National Association of Realtors, home sales prices increased nearly 36% in just two years, from $543,780 in 2012 to $737,600 in 2014. The Council for Community and Economic Research states that the total cost of living in San Francisco is 62.6% higher than the U.S. average, with housing at nearly three times more than in other U.S. cities. Homeowners in San Francisco should make sure they are protected by understanding their homeowners insurance. If you know how much insurance you need, you can get the best cheap homeowners insurance San Jose has available.

Homeowners Insurance in San Francisco

San Francisco’s median home sale price has been around $1.1 million recently, which makes only 11% of its residents able to afford a home there. The median income has also risen in the last year, but only by about 10%, and it is not keeping up with the need for housing. San Francisco, for instance, has added 480,000 private-sector jobs and only around 50,000 housing units over the last five years. With homes being in high demand and expensive, protecting those homes is very important. The biggest factor San Francisco homeowners need protection from is earthquakes.

The U.S. Geological Survey predicts that there is a 68% chance of a 7.0 magnitude earthquake in the Bay Area in the next 30 years, either along the San Andreas fault, or the Hayward or Calaveras fault. An earthquake like this in the Bay Area could potentially cause as much as $200 billion in damage and $25 billion in insurance claims, and have a regional and national impact as bad as Hurricane Katrina’s aftermath.

California has many cheap homeowners insurance carriers to choose from and premium rates are largely based on who is providing the coverage. This means it pays to take the time to shop around for the best coverage on cheap homeowners insurance San Jose has to offer.