It is usually a tough decision whether you should buy earthquake insurance or not. Thousands of earthquakes strike the United States every year, with some areas falling in high-risk tremor zones and some others in low-risk zones. However, it is important to buy earthquake coverage, for you never know when another tremor might strike, irrespective of the fact where you live.
Does Your Homeowners Policy Cover Earthquake?
Your standard residential or homeowner’s insurance policy does not cover earthquake damage, nor does your condominium, mobile homeowners, or renters insurance policies offer any coverage against earthquake damage. Earthquake insurance must be bought separately, like flood insurance
Do I Need Earthquake Insurance?
Earthquake insurance is a must if you live in a high fault zone, especially California, where there is no such area that can be designated as low risk zone in the state for earthquakes.
If you are confused whether you should buy coverage against earthquake damages, consider the following points:
Most earthquake insurance policies offer a 10 or 15 percent deductible although we represent carriers that offer as low as 2% and as high as 25%. Typically, your earthquake coverage may also include costs for hotel room, apartment, temporary rental home, restaurant meals, furniture rental, relocation, storage, laundry, utility installation in temporary setting.
In California most earthquake policies are written through the CEA (California earthquake authority) which is a consortium of insurance carriers that pool resources. However, many people don’t know that there are other private earthquake insurers out there. We have access to a few different earthquake markets which can tailor the right coverage for your home. Some offer more comprehensive coverage than offered by the C.E.A.
Call us now or fill out our contact form to get additional information and or a quick quote!