Your home is more than just the place where you rest your head every night. It protects those you love and holds your most valuable belongings. It’s where you and your family make memories. A home insurance California policy can’t prevent the risks and hazards you face, but it can reduce the financial hardships associated with property damage and losses.
Whether you pay a mortgage or rent, purchasing the right insurance policy helps restore your home and belongings, so you can get back to living your life. At Fara Insurance Solutions, we work with you to find the insurance products you need at prices you can afford.
Requirements for Home Insurance in California
State law does not require homeowners or renters to procure coverage. However, if you pay a mortgage on your home, your lender likely requires it as a condition of your loan. Typically, you need at least enough coverage to replace the structure of your house should you experience a catastrophic loss. If you rent, your landlord may include renter’s insurance as a provision in your lease. Fara Insurance Solutions works with homeowners and renters to find a policy that satisfies the conditions of their mortgages and leases.
Even if you don’t have a mortgage or rent, homeowners insurance is a good idea. While no one likes to think about the potential for fire, earthquake, theft or other hazardous events, having the right insurance protects your investment against potential threats to your home and belongings. We provide options for basic coverage, full-coverage protection and renter’s insurance.
Basic Home Insurance Coverage
A standard policy provides basic coverages for the structure of your home, additional structures on your property, your personal property and liability protection. How much coverage you need depends on several factors, including your home’s value, its contents and any requirements stipulated in a mortgage. At Fara Insurance Solutions, we pride ourselves on offering solutions tailored to your unique needs. Our personalized attention ensures you get the right policy for you.
Basic coverage pays for damages to the interior and exterior of the main structure on your property, generally the dwelling unit and an attached garage. It covers the cost of repairs or replacement above your deductible amount and up to the limits established in your policy. If you have an additional structure on your property, basic insurance covers those as well. Coverage for secondary structures is usually limited to 10% of the established limits for the primary structure.
A standard home insurance California policy also pays for replacing or repairing the belongings contained inside your home when a named peril causes damages or destroys them. Basic coverage for personal property is generally 50% of the coverage amount for your home.
Homeowners in California face numerous potential threats. Droughts, wildfires and landslides are increasingly common, not to mention the earthquakes this state is notorious for. In 2020, 9,917 wildfires burned almost 4.3 million acres and damaged or destroyed 10,488 structures. With so many wildfires, the risk for landslides is rising for residents in burned areas when heavy rainfalls.
Though there are numerous natural hazards in this state, basic homeowners insurance does not cover them all. Most policies offer protection for fire damage due to lightning or wildfires, damage from the weight of snow or ice, hail damage and wind damage. Additionally, a standard policy offers coverage for damages due to the following perils:
- House fires, including smoke damage
- Theft and vandalism
- Accidental and sudden water damage
- Falling objects
- Broken glass
A standard home insurance policy covers many of the risks you may encounter. However, the limits the provider sets may not be high enough to replace everything of value. We work with our customers to help them assess how much coverage they need to get the complete protection they want.
Our agents help you find complete coverage to protect the total value of your home and its contents. When basic coverage isn’t enough, we assist you in determining how high your limits need to be. Additionally, your Fara Insurance Solutions agent can help you find products that cover you from perils not named in standard insurance policies.
Earthquakes are a fact of life in the Golden State, yet basic home insurance in California does not pay for earthquake damage. Each year, the state experiences an average of two or three magnitude 5.5 or higher quakes, large enough to cause moderate structural damage. Your lender may require you to have earthquake insurance. If not, you may still want to consider adding coverage for your home. No matter where you live in the state, you are at risk of experiencing the effects of an earthquake.
California experiences a significant number of flood events large enough to cause structural damage. Every county in the state is vulnerable, each one experiencing multiple past flood disasters, and the risks are increasing. If you live in a flood-prone region, you may want to talk to a Fara Insurance Solutions agent about procuring additional flood insurance.
Homeowners insurance provides coverage for personal liability and medical payments for those who sustain an accidental injury on your property. Personal liability protection pays for your defense if someone sues you because the individual suffered an injury on your property. Liability coverage also pays for medical expenses and damages if the individual wins the claim.
Renter’s Insurance Coverage
Fara Insurance Solutions works with renters to obtain the coverage they need to replace or repair their belongings when a covered peril damages or destroys contents in the rental unit. As with basic home insurance policies, renter’s insurance products also offer liability protection.
Home Insurance in California From Fara Insurance Solutions
Fara Insurance Solutions combines tailored insurance products and fair prices with the highest quality customer service. When you need home insurance in California, you can count on us to help you find products that fit your unique needs at affordable rates. Get in touch with us today to learn more about our services.