Earthquake insurance for homeowners, condominium owners and residential renters has been on the decline for years, a potentially disastrous financial situation for many living in California. In fact, only about 11% of homeowners in the state carry earthquake insurance these days, according to the California Earthquake Authority. We would like to make sure you are one of the smart ones who have coverage.
It appears many Californians think earthquake damage just won’t happen to them or that the government will come to their aid if a tremblor wreaks havoc. That’s not a great bet since government assistance isn’t likely to cover rebuilding a home or replacing destroyed or damaged contents. If your foundation gets cracked but your home is still standing, you may find yourself without any recourse if you have no earthquake insurance. Homeowners insurance almost always specifically excludes earthquake coverage. Our agency has earthquake policies for:
- Single-family residences
- Mobile homes
- Renters of all kinds
Personal Property and Extra Expenses
Though deductibles can be steep, your insurer will pay to help you rebuild after you hit a certain level of damage, which can be the difference between borrowing to rebuild or having a total loss of your entire investment. Additionally, typically subject to no deductible, you will receive emergency protection compensation to guard your property from further damage after an earthquake, secure your house or make it habitable under certain circumstances. That could include removing broken glass or repairing broken windows, for example. There are also options that cover the costs of a temporary residence and loss of your personal property.
If you are a condominium owner and your condo association doesn’t have a master earthquake insurance policy, you could be subject to a loss assessment to cover the association’s cost of making repairs to the structure or its exterior facing. We can help condo owners get insurance for that exposure, and even renters can find value in insuring against personal property losses from earthquakes.
We work with California Earthquake Authority (CEA) participating insurers as well as those non-participants that offer earthquake insurance for homeowners and renters. If you have a vacation home or a rental property, we can help you insure that for earthquake damage as well.