EARTHQUAKE INSURANCE GUIDE
/Is your house protected against the next big earthquake?
Did you know nearly five out of six homeowners have no earthquake coverage. Many people believe that coverage is included in their homeowner’s policies, while others, mistakenly, believe FEMA will bail them out.
Before 1994, earthquake insurance was affordable, but then the Northridge earthquake hit the San Fernando Valley causing $12.5 billion in insurance claims, surpassing premiums collected in CA. Afterwards, earthquake insurance premiums rose with an addition of a high deductible.
There are three parts to basic earthquake coverages:
“Dwelling Coverage” covers your home up to a certain amount with a deductible ranging from 5% to 25%.
*NOTE* Some parts of the property (landscaping, pools , fences, patios, or separate buildings) are not normally covered unless included in the policy.
“Personal Property” covers belongings in your home, like furniture, TVs, and computers with limits starting at $5,000 up to $200,000.
“Additional living expenses” covers temporary rental of home/apartment and extra costs to live somewhere else while your home is repaired.
Protect yourself against financially devastating events and call us at 855-704-7740 to get a quote for a homeowner’s policy with earthquake coverage.
Sagaz Advice: The replacement cost for a house after a catastrophic event might be higher due to effects on market condition for building supplies and labor. It is always a good idea to request higher limits on the coverage for the property.
