California doesn't require homeowners or renters insurance. But if you have mortgage, you're more than likely obligated to maintain these coverages.
Like most states, California does not require homeowners or renters insurance, but if you have a mortgage, or are a part of a condo a-sociation, you are more than likely contractually obligated to maintain these coverages. Besides, your home, apartment, or condo protects your family and most prized possessions. Why not ensure it is also protected in return.
The Golden State is known for its extreme terrain and abundance of beauty. From the winding roads of San Francisco and the Pacific Coast Highway, to the rolling hills in Napa Valley, California affords those that are lucky enough to call it home, a ton to appreciate. The drawback to all of that beauty, is that California has several miles of coastal land, mountain ranges, and everything in between. The state’s vastness, and severe extremes of its terrain and climate present its inhabitants with several perils that a customary homeowners or renters policy simply does not cover.
Although California’s property-related risks far outstrip many other states’, the average premium Californians pay is more in line, and in the case of homeowners insurance, less than the average paid across the country. This speaks volumes given the fact that the typical homeowners and renters policy covers perils such as fire, theft and vandalism; yet the Golden State presents additional, unique risks a-sociated with earthquake, flood and wildfire.
The years 2017 and 2018 included the most destructive wildfires in California’s history, and the state is still reeling from what it endured in 2019. It is true that the Golden State naturally has wildfires due to its landscape, but because of climate change as well as several other factors, over time the wildfire season has increased, and become more severe over the years. It became so untenable in 2019 that the state had to ban insurers from dropping customers located in wildfire zones.
Note that these figures only incorporate one disastrous peril, wildfire. California is also prone to earthquakes and floods, although in recent years, these have not inflicted as much damage as the persistent wildfires. Due to the inherent risks of owning property in the Golden State, homeowners and renters insurance are virtual necessities.
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