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Renters insurance is getting harder to come by and more expensive in California as insurers pull back from the state's troubled homeowners market, which has been hard hit by wildfires.
Homeowners in the U.S. pay an average rate of $2,230 per year for $300,000 in dwelling coverage (as of July 2024). But how is home insurance calculated?
Fortunately, shopping around with cheap carriers may help you find a robust policy that fits your budget. The average cost of homeowners insurance is $1,759 per year for $250,000 in dwelling coverage.
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
According to data from 2020, the FAIR Plan covers 2.5% of the statewide market share, but 20.4% of the market share in ZIP codes at high risk from wildfires. [6] Between 2020 and 2024, the number of homes covered by FAIR Plan policies more than doubled, while the Plan's total exposure (including commercial properties) nearly tripled. [7]
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
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