Earthquake Insurance

Earthquake insurance is a type of property insurance that covers the policyholder in the event of tremor that will cause damage to the property. Meanwhile, standard homeowner’s insurance policies don’t provide coverage for earthquake damage. You can apply a policy in either earthquake coverage endorsement or purchase a separate policy. Most policies contain a high deductible that makes this type of insurance important. Deductibles can be such as 2 percent to 25 percent of the cost of your home and in some situations even more. Policies are rate depending on your location and the chances of an earthquake loss. Usually, houses that are made by wood rates lower, because it can withstand tremors than houses that are made of cement or bricks.
Earthquake Insurance

How much Earthquake
Insurance Do I need?

How much Insurance do you need? The coverage will depend on your personal situation that includes the value of rebuilding your home. Take an inventory, list all the items and valuable personal things. That is for you to specify the dollar amount that is in need for the replacement. If you are not sure about the value of your home and personal belongings. You can get an expert to estimate the value of your property. You may also need coverage for additional living expenses. Which covers the cost of temporary lodging and the food you need while your home is in repair. Remember that if you are already insured under CEA and have damage. Then another shaking occurs after 15 days the new shaking can count as a second separate seismic event. That means it’s a second insurance claim and you will pay another deductible.

Who Offers Earthquake Insurance?

Since Homeowners Insurance doesn’t provide coverage for earthquake policy, you can still get a separate policy from the California Earthquake Authority. CEA policies will cover only quakes that are due to catastrophic events. Quakes that are due to humans like blasting and fracking coverage will not apply. Also, natural catastrophic events like tsunamis and volcanic eruptions are no coverage under the policy. In California law, if you purchase homeowner’s insurance, the insurance company must also offer Earthquake. But still, it’s up to you if you want to take it or not. Not all homeowner’s insurance companies in all states will offer you earthquake policy. As an endorsement to your homeowner’s policy or as a separate policy. Earthquake policies are accessible for condo unit owners, homeowners, mobile homes and renters. You can choose the amount of coverage you might need the same as deductible options.
Protect yourself and home with proper earthquake insurance coverage. Learn why it’s important to get earthquake insurance to protect your personal assets. Contact us at (844) 234-5600.