If you live in Earthquake Country, it will come as no surprise that you will hear people reference earthquake insurance. While in the state of California it is not mandatory, it is imperative as a homeowner to understand why earthquake insurance is important.
If you want to understand your risk living in California, pause and reference our blog on a few top facts homeowners in California need to know about earthquakes by clicking here.
Let’s review some top tips from earthquake insurance specialists to understand why Earthquake insurance is so important!
#1 YOUR HOMEOWNERS POLICY DOES NOT COVER EARTHQUAKES. Even with 2/3 of all earthquake damage in the United States happening in California, earthquake insurance must be purchased separately.
#2 YOUR HOME IS YOUR LARGEST ASSET. If you have owned a home in California for more than 3 years, you have equity in your home. If you have owned your home many years, you have significant equity in your home that needs to be protected if there is a large seismic event. Protecting this asset can cost just a fraction of the benefit you will receive in case of a loss.
#3 THERE ARE OVER 500 FAULTS IN CALIFORNIA, so almost every homeowner in Californian lives near a fault line. There are predictions of between a 60% to 72% probability of a large earthquake in California. To see how much earthquake damage potential there could be for YOUR HOME, check out TEMBLOR, a site that calculates your earthquake risk!
For additional resource, check out the Fault Activity Map of California from the CA Department of Conservation
#4 UNDERSTAND YOUR RISK that an earthquake can strike at any time. On average there are earthquakes every 3 minutes. Most of these are too small to be felt, but it is only a matter of time that one will result in damage to your home. Most carriers place a moratorium after a 5.0+ earthquake – meaning you cannot obtain coverage until after this is lifted!
#5 EARTHQUAKE INSURANCE CAN BE ADAPTED TO MEET YOUR NEEDS AND BUDGET. EQ Insurance Services can offer quotes from the top earthquake insurers in California that can customize the coverage and deductible to meet your needs and budget. Click here for a free quote!
For more details on the above facts, you can reference our webinar with GeoVera Insurance by clicking here!