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Best cheap home insurance in Los Angeles in 2024
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best home insurance companies in Los Angeles
Bankrate’s insurance editorial team is paying close attention to the difficulties California homeowners face as many insurance providers place a moratorium on writing new business in the state. Since 2022, seven of the 12 largest California home insurance companies have either paused or restricted writing new policies in the state. Those companies include State Farm, Allstate, Farmers, USAA, Travelers, Nationwide and Chubb. In 2024, two subsidiaries of Tokio Marine Holdings also exited the state. Los Angelinos may have an even more difficult time finding a policy, given the county’s high wildfire risk. However, according to Bankrate’s research, Mercury, AAA, MAPFRE and Grange Insurance Association may be some of the best choices for Los Angeles home insurance.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Mercury made our list: Mercury's 4.3 out of 5.0 Bankrate Score can be attributed to its strong customer support and affordable rates. Customer service is available 24/7 with Mercury, and its rates are 53 percent less than the average cost of home insurance in Los Angeles. Mercury also offers some discounts, like savings for living in a gated community, having a home built with fire-resistant materials and owning a newer home.
Why Mercury may be best for homeowners on the FAIR Plan: The California FAIR Plan provides very limited coverage compared to a standard HO-3 policy. For instance, only four named perils are covered in a FAIR Plan policy and liability coverage is not available. Mercury is one of the companies that sells Difference in Conditions (DIC) policies, which can help fill in the coverage gaps left by the FAIR Plan.
| Bankrate Score | 4.3 |
| J.D. Power | 586/1,000 |
| AM Best Rating | A |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why AAA made our list: When people think of AAA, they often think of roadside assistance and auto insurance policies – but the company also offers competitive home insurance rates. Discounts and endorsements vary based on the AAA club you purchase coverage from, but most homeowners have the option to add scheduled personal property coverage to their policy. AAA also advertises several different discount opportunities, including savings for homeowners 50 and older, protective device savings, loyalty rewards and a renovated home discount.
Why AAA may be best for AAA members: You must already be a member of AAA to qualify for its home insurance. HO-3 policies are fairly standard though, so it may not be worth purchasing AAA membership solely for its home insurance. However, those who are already AAA members may want to consider the company — especially since the number of home insurance options in Los Angeles is quickly shrinking.
| Bankrate Score | 4.2 |
| J.D. Power | 671/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why MAPFRE made our list: MAPFRE home insurance is available in 11 states, California among them. The company’s Select Home Restoration Program is worth mentioning. With this program, MAPFRE partners with a network of “select” contractors to expedite the claims and repair process. Its ePICS program can also help speed up the claims process. For eligible claims, homeowners can upload photos of the damage and can get a check for the repairs within a matter of days.
Why MAPFRE may be best for custom policies: MAPFRE offers homeowners a handful of different ways to personalize their policies. Water backup, replacement cost coverage, higher liability limits, credit card protection and extra coverage for valuable items are available as add-ons for homeowners in need of a more customized policy.
| Bankrate Score | 3.2 |
| J.D. Power | |
| AM Best Rating | A |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why Grange Insurance Association made our list: Grange Insurance Association, not to be confused with Grange Insurance, is a mutual insurance company that offers coverage in California and five other Western states. This means that the company is owned by its policyholders (as opposed to stockholders), and there is a potential to earn dividends. It sells insurance through a network of independent agents, which could be enticing for homeowners looking for more personalized service.
Why Grange Insurance Association may be best for pre-packaged coverage: Grange Insurance Association advertises two different home insurance policy tiers — HomePak Plus and HomePak Premier — each with its own add-on coverages and limits. Some examples include up to $500 of refrigerated property coverage, extended dwelling replacement cost coverage, water backup, lock replacement and more.
| Bankrate Score | Not rated |
| J.D. Power | |
| AM Best Rating |
Bankrate's trusted insurance industry expertise
Read our full methodologyWith home insurance rates on the rise, Bankrate knows that finding an affordable policy is top-of-mind for many homeowners. That is why we update our average rate data every single month to ensure that our insights are as fresh as possible.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest home insurance companies in Los Angeles
According to Bankrate’s research, USAA, Armed Forces and Mercury offer the cheapest home insurance in Los Angeles for a $300K dwelling policy. Keep in mind that the higher dwelling coverage you need, the more you will likely need to pay for your policy. Our analysis of average rate data from Quadrant Information Services shows that a home insurance policy with a $750K dwelling limit costs 114 percent more than a $300K policy in Los Angeles.
How much is home insurance in Los Angeles, California?
On average, home insurance in Los Angeles costs $1,910 per year — or $159 per month — for a policy with a $300,000 dwelling coverage limit. However, this is just an average figure of how much home insurance is in Los Angeles for comparison purposes. Exactly what you pay for home insurance will depend on several personal rating factors, like the age of your home and the deductible you choose.
Los Angeles rates by home age
Los Angeles has a good mix of older homes and newer construction, with the median age of a home being 56 years old. Most insurers charge higher premiums for older homes, as it could cost more money to get an older building up to current building codes if it is damaged in a covered loss. The table below shows the top five cheapest home insurance companies in Los Angeles and how rates vary based on construction year.
Los Angeles rates by deductible
Choosing a high deductible for your home insurance policy usually helps to lower your premium. By taking on more of the financial responsibility after filing a claim, you could be rewarded with a cheaper rate. Just be careful not to raise your deductible to a level you cannot realistically afford. Below, you can see how annual premiums for the cheapest home insurance companies change based on deductible level.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000, $1,500, $2,000 or $5,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.”
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
