New online tool helps consumers shop for home and renter insurance
News: 2015 Press Release
SACRAMENTO, Calif. - As the state marks Wildfire Awareness Week, Insurance Commissioner Dave Jones has launched a new online coverage comparison tool to help California consumers shop for homeowner, condominium owner and renter insurance by allowing them to compare coverage features offered by a variety of insurers.
Wildfire Awareness Week serves as a reminder that all Californians should do their part to prepare for and prevent wildfires, which includes making sure they have enough insurance coverage to rebuild in the event of a wildfire or other disaster.
With more than a hundred insurers licensed to sell home insurance in California, the range of coverage options is wide. Being able to compare features side by side allows consumers the opportunity to make informed decisions before buying a policy and to make sure they have enough coverage to rebuild their home in theevent of a fire or other major disaster.
"The best coverage decisions are informed ones," said Insurance Commissioner Dave Jones. "The new online comparison tool will help consumers understand their options and find the coverage and features offering the best protection to meet their needs."
Designed to take some of the guess work out of homeowner insurance shopping, the Homeowner Coverage Comparison Tool provides valuable information about the differences between insurers' policy features. Most consumers shop for insurance by price alone, which is not the best way to shop for something as important as insurance coverage. It is crucial for consumers to understand the type of coverage they have on their home and personal belongings before they need to cash in on their policies; otherwise they may be surprised to find they are underinsured.
"Discovering you do not have the right coverage to protect your family and assets after a loss has disastrous consequences," said Amy Bach, Director of United Policyholders. "The marketplace is changing rapidly and this tool will help consumers keep up with their best options and avoid making potentially costly coverage mistakes." The comparison tool makes it easy for consumers to compare coverage and see what and how much an insurer covers so they can be better informed when making important insurance decisions.
- Use this infographic and CDI's tools to learn more about home and renter insurance and to find the right coverage and policy for you!
- An example of a comparison of three randomly selected insurance policies:
Important Disclaimers about the Homeowner Coverage Comparison Tool:
- The summary policy language was provided by the insurer that writes that policy.
- You should always refer to the actual policy you receive when you purchase coverage to determine the extent of coverage under the policy. The contents of the comparison charts and the sample policy forms in this resource are for informational purposes only and do not replace, alter or amend your coverage. Your actual policy determines your coverage, not the information presented here.
- For each insurer that writes homeowner, condominium owner and renter policy coverages, copies of the basic contracts and mandatory forms is attached. Mobile homeowner coverage is not included at this time.
- The sample policy contracts provided include only the basic contract and mandatory endorsements. Additional coverages or amendments may be available from the insurer.
- All insurance policies have limitations and exclusions.
- Insurance companies frequently make changes to their policies. Your current policy or the policy you are offered may be different than those shown here. Before purchasing a policy, please check with an agent or company representative to ensure the coverage you are offered is the coverage you want to buy.
- A contact number/web link is listed for each company if you are interested in purchasing coverage or have additional questions. Or you may contact an agent or sales representative of the company.
- The California Department of Insurance does not endorse or recommend any particular company's product.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $289 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.