Cheap Homeowners Insurance Santa Clara

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cheap homeowners insurance santa claraThe cost of living in Santa Clara is 29% higher than the California average and 75% higher than the national average. The cost of housing in Santa Clara is 207% higher than the national average, with home prices around $633,600.00. Homeowners who have invested this much to live in Santa Clara should stay protected by making sure they understand the limits and coverage of their homeowners insurance. If you know how much insurance you need, you can get the best cheap homeowners insurance Santa Clara has available.


Homeowners Insurance in Santa Clara

With real estate price appreciation outpacing wage growth, homeownership is within reach for only the high-income earners in Santa Clara. Although the county is well on its way to a full housing recovery Residential construction has fallen abruptly from the mid-2015, continuing down throughout 2016. However, annual home sales volume have remained level since 2010.

Santa Clara’s success is due to its successful jobs market, particularly in the Silicon Valley area. However, the region’s high cost of living, is sending end users further afield where they are able to buy more home for the same amount of money. Personal incomes have risen at a much slower pace than home prices. Personal incomes rose nearly 7% in 2015 in the county. While this is higher than the statewide average, it’s still below the year-over-year increase in Santa Clara County home prices.

Santa Clara County’s long-term homeownership rate has trended downward since 2005, hovering around 57% most years. It stays around this percentage because most people want to stay in a home that is increasing in value due to high demand and fewer homes being built. It also makes it extra important to maintain sufficient homeowners insurance.  Homeowners in Santa Clara County pay 2.44% of their income ($25,000 to $29,999) in insurance which is about 1.8% of monthly housing costs.

Making sure you know what your insurance company policy covers and how much you need. This will help you get a cheap homeowners insurance policy that adequately covers your biggest and most important investment.