Insurance rates in California

[Account Closed]

Hi BP!

I'm comparing insurance quotes right now for an owner-occupied duplex in Sacramento. All the quotes default with no flood or earthquake insurance. 

For my CA people, do you carry earthquake coverage? Why or why not?

Also, I'm being quoted right around $1,100 yr for a place built in 1991 with liability of $300,000, and a $1,000 deductible (personal property $200k). I do not want to increase my liability coverage at this point. Do you think I can beat that $1,100/yr number?

[Derek Daun]

I live in Sacramento with both personal and investment properties. I don't have earthquake insurance on any of them, and neither does anyone I know. IMO the potential payout is too low verses the cost and actual risk. 

Flood insurance depends on the location. Do a Google search for Sacramento Flood Map. There are some locations considered risky, but not as risky to require the insurance. During the housing boom there were a bunch of properties built in high risk areas, but for dubious reasons, were categorized as lower risk not requiring insurance. I believe the Feds have addressed that now though.

$1100 a year for a duplex seems about right.