Your Homeowners Insurance Does Not Cover Earthquake Damage
Did you know that damage to your home or personal belongings caused by an earthquake is not covered by your condo, renters, or homeowners insurance? So if your TV falls off the wall during an earthquake and is broken, it will not be replaced by your insurance coverage. The same goes if the roof of your house falls in. You will be left to your own financial savings to replace the roof. Are you willing to take that risk?
Call ERM Insurance Brokers
if you have questions about California Earthquake Insurance.
What is Covered By Earthquake Insurance?
Earthquake insurance covers damage to your home or personal possessions, up to the amount you insure them for. It is advised to get enough insurance to cover the cost of rebuilding your homw and replacing all o your belongings if they were lost in an earthquake. Some homeowners policies cover fire damage that is the result of an earthquake, but the earthquake insurance will cover what is damaged by shaking and other earth movement.
How Much Does Earthquake Insurance Cost?
Damage caused by earthquakes can be devastating and expensive, so earthquake insurance can be somewhat higher priced than other types of insurance. Earthquake policies also carry deductibles, on average 2-20% of the total amount of damages. However, if it would cost you $500,000 to rebuild your home, a small percentage deductible is insignificant compared to the total amount.
The government also does not provide much financial aid for earthquake victims, but some low-interest loans may be available. You should consider your ability to financially survive the aftermath of “the big one.
Speak to an expert at ERM Insurance Brokers. We are available to answer your question. Call (949) 222-0444