Get Palo Alto, CA Home Insurance Rates!
For Palo Alto, CA homeowners or new home buyers, you will be excited to hear that comparing home insurance quotes in your local area is much easier with our online quoting application. We offer a one-stop-shop service, you can compare up to 12 rates among our best and major carriers, prices are based on price, coverage options and ratings. Simply enter your Palo Alto California zip code and start reviewing home insurance rates today!
The most common questions we get asked is "What does homeowners insurance cost in Palo Alto"? For locals living in Palo Alto, the average homeowners policy is around $1,241 per year, that is only $103 per month. Your California homeowners premium will be paid annually, and is handled by your mortgage company. The average home insurance rates presented here are based on a standard or basic HO-3 homeowners policy. All insurance companies seem rate risk differently so it is important to let us do the shopping for you and help answer any questions that you may have about your home, coverage options and discounts.
Helpful Tips for Homeowners Living in Palo Alto:
How much replacement cost coverage do I need to cover the expense to rebuild my home?
Insurers will assign a replacement cost value to your home in case it was ever in need of rebuilding due to a major peril like a fire or wind damage. The cost to replace your home is not the same as buying a home because the cost of land does not need to be factored as an expense when you need to rebuild the structure. Try our replacement cost coverage calculator to easily generate your total replacement cost coverage, you will see three options to review. Those three options are based on the current status of your home like upgraded kitchen and bathrooms. These estimates are considered on a cost per square foot pricing model.
How many people live in Palo Alto?
The total city area population for Palo Alto, CA is 64,403.
How many homes in the Palo Alto city limits?
The total homes in the city of Palo Alto is around 9,985.
What is the average Palo Alto household income?
The average income in the Palo Alto area is around $125,045.
How much do the homes in Palo Alto cost on average?
The average cost of a home in Palo Alto is estimated to be around $1,704,900.
Compare Homeowners Insurance Rates in Palo Alto, CA!
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Servicing Palo Alto, California Home Insurance Quotes & Coverage
The carriers we offer for California homeowners have an "A+" A.M. Best rating and our Palo Alto agents have been working with these carries since 2007. Our insurance experience provides the best service when it comes to working with you so we can provide a coverage plan that works best for you. Our California customers value our service and depend on us to help them with all of their insurance needs, that also includes auto and life insurance as well. As a homeowner in California shopping for online rates and coverage options can be a confusing task, that's why working with our Palo Alto, CA agent will give you the outstanding service you need to find the coverage you can understand and afford. Our top rated carriers include Farmers, Safeco, First American, Travelers, Liberty Mutual, Chubb, Foremost, Pacific Select Property and many more. Because we know that homeowners insurance is not always about the lowest price, it's important to find affordable coverage that you know and trust. Take advantage of our online services and let us help you find the Palo Alto, CA insurance coverage that you need. Submit an online home insurance quote today!
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Home Insurance Rates by Zipcode in Palo Alto, CA
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Palo Alto.
Palo Alto, CA Home Insurance Average Premiums
$539 /yr.
For the city of Palo Alto, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $539 /yr. |
| Average Coverage: | $789 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1089 /yr. |
What is the average home insurance cost for a home in Palo Alto, CA?
- • The average homeowners insurance premium paid annually for a home in Palo Alto is around $789 per year.
What does it cost on average per month for home insurance in Palo Alto, CA?
- • Homeowners in Palo Alto pay an average cost per month around $66.00 for insurance coverage.
Palo Alto, CA Coastal Wind, Hail & Flood Information
Palo Alto is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Palo Alto is know for it's beautiful beaches and waterways. Because Santa Clara County (FIPS: 6085) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Palo Alto, CA.
Palo Alto, CA - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $3,341,307 | $3,354,574 |
| February | $3,273,555 | $3,446,201 |
| March | $3,208,258 | $3,539,446 |
| April | $3,173,523 | $3,606,510 |
Homeowners insurance will help cover the cost to repair or replace your Palo Alto home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Palo Alto
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Palo Alto, CA homeowners insurance rates all in one place! |
Saving Money Tips on Palo Alto Home Insurance
A great way to save money on Palo Alto homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Palo Alto area? Check out what homeowners are paying on average for California homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 102 ft. | This is the average home elevation in Palo Alto, CA | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Palo Alto, California. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Palo Alto, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Santa Clara County.
California Homeowners Insurance News & Information
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2024 Average Homeowners Insurance Rate at $2,777 per year Posted on Tuesday 20th February, 2024
A recent report by Insurance.com, found that the average homeowners insurance rate in the U.S. came in at $2,777 per year which breaks down to $231 a month. The average was based on coverage levels of $300,000 in dwelling and liability and a $1,000 deductible. When Insurance.com ran the numbers, Oklahoma was the most expensive […]
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What exactly is a FAIR Plan? Posted on Tuesday 2nd January, 2024
If you live in an area where severe weather is common, or wildfires pop up every summer you may have trouble finding affordable home insurance coverage. If homes in your area are repeatedly damaged or destroyed by a covered peril, insurers may pull out of the entire area, refusing to write policies in your neighborhood. […]
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2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
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2023 – California’s recent storms – Is my home covered by insurance? Posted on Tuesday 10th January, 2023
California has recently been hit by a shocking amount of punishing winter weather that has triggered flooding as well as mudslides across vast areas of the state. The weather has led to evacuation orders as well as damaged homes. Unfortunately, for many homeowners, the damage may not be covered by their homeowners insurance. In most […]
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2022 Future Housing Market Preview by Fed Chairman Powell Posted on Friday 1st July, 2022
Many of us are concerned about how the housing market will fare as interest rates head up and a looming recession takes hold. Will home values crash as they did during the Great Recession or will they simply stop rising and settle in at their current values. While no one can predict the future, Fed […]
Palo Alto, CA Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Palo Alto so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Palo Alto, CA?
- The average square footage in Palo Alto is around 3,254 Sq. Ft. which would cost you around $1,704,900 to replace the home if you base the home on the price to build per square foot of $524.
Minimum Replacement Cost Total: $1,704,900
Location: Palo Alto, California (Santa Clara County)
Average Building Cost Per Square Foot in Palo Alto: $524 (low end)
Average Square Footage in Palo Alto: 3,254 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $524 | $1,704,900 |
| Some Additional Upgrades | $655 | $2,131,125 |
| Major Home Updates or Advancements | $786 | $2,557,350 |
The dwelling coverage is calculated by the average cost per square foot ($524) in Palo Alto, California times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $1,637,500 (Media price to build of $655 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.