Your Long Beach home 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.
California earthquake insurance is a type of insurance designed to protect homeowners in the event of an earthquake. California is located on the Pacific Ring of Fire, making it one of the most seismically active regions in the world.
As a result, California homeowners are at risk of damage from earthquakes.
Many homeowners in earthquake-prone areas choose to purchase earthquake insurance in order to protect their investments. While the cost of earthquake insurance can be significant, it can provide peace of mind in the event of a major earthquake.
Earthquake insurance can cover the cost of repairing or rebuilding your home, as well as the cost of temporary housing if your home is uninhabitable.
In addition, earthquake insurance can also cover the cost of personal belongings that are damaged or destroyed in an earthquake.
For many people, earthquake insurance is worth the peace of mind it provides.
However, there are also some drawbacks to California earthquake insurance.
One main disadvantage is that it can be very expensive. California earthquake insurance premiums can sometimes be hundreds or even thousands of dollars per year.
Another downside to California earthquake insurance is that it may not cover all types of damage. For example, many policies exclude coverage for landslides, which can often happen after an earthquake.
As a result, it is important for California homeowners to carefully consider the pros and cons of California earthquake insurance before purchasing.
Integrity Now Insurance Brokers, Inc.
6285 East Spring Street, #457
Long Beach, CA 90808
CA Insurance License 0D42517
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