Your house is one of the largest investment you will make in your lifetime. Just like your bank is insured by the FDIC, your house needs protection from earthquakes.
Your standard home insurance policy contains an earthquake exclusion. Because of this exclusion you will need to purchase a separate earthquake insurance policy to cover you in the event of a major earthquake.
Earthquake deductibles are based on a percentage of the insured value of your home insurance policy. When you look at the Declarations page (found within your home insurance policy) you will find two coverages:
Based on the insurance limit for each of these two coverages will determine the amount of your insurance deductible.
Please remember that each coverage limit has a separate deductible. Some earthquake policies only cover your home and not your contents.
The average earthquake deductible in California is 15% of the building limit and 15% of the contents limit.
Following are most of the earthquake deductibles options that are available:
It is important to remember that the lower your earthquake deductible the higher your annual premium will be.
The answer may surprise you. Yes and No.
When evaluating earthquake coverage it is important to ask and tell your insurance agent that you own a pool. Never assume that your insurance agent already knows about your pool.
Not all insurance carriers will offer coverage for your pool so never assume it is covered or was included in your quote.
When this option is available you must specifically request to have your pool covered. There is an extra charge that is assessed when including earthquake coverage for damage to your pool.
We have good and bad news if your home catches on fire from an earthquake.
The bad news is you just lost everything and you are going to need to rebuild.
The good news is the fire is covered under your homeowners insurance so the large deductible on your earthquake policy will not apply.
Assuming you have a $500 or $1,000 deductible on your home insurance policy this is all you would have to pay to rebuild.
Integrity Now Insurance Brokers, Inc.
6285 East Spring Street, #457
Long Beach, CA 90808
CA Insurance License 0D42517
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