Did you know that earthquake insurance is not covered by every home insurance policy? Which is why it's so important if you live in an area such as California where this is real risk of earthquakes, you need to see about getting proper insurance.
An earthquake insurance policy can offer you the protection you are looking for if your home suffers any shaking which can cause real problems to your home. How much your policy will cost really depends on whether you live in a high risk area or not along with the soil type and also how your home has been constructed.
Typically the deductibles are about 15 percent of the building's structural limit. Basically this means that if more than 15% of the value of the dwelling has been affected then you are entitled to make a claim. This insurance is for major problems to your property, not simply a few minor cosmetic defects. The majority of earthquake policies sold in California are via companies such as Allstate and State Farm provided by The California Earthquake Authority (CEA).
Only about 15% of Californian home owners have any kind of earth quake insurance because it's pretty expensive and the fact that most people hope that an earthquake will never have any impact on them. Mortgage providers also do not insist on homeowners taking out this kind of insurance.
Earthquake insurance is expensive because it's all about the likelihood of an earthquake occurring. However because earthquakes happen naturally, it's very difficult to predict what damage will happen in the future. When claims are paid out, it's going to be very costly for the insurance companies so they need to make sure they charge enough to cover these claims and also make a profit.
With the current economic climate being the way it is, it's very easy to try and cut costs by not taking out earthquake insurance. However you really need to ask yourself if this is the wisest thing to do. If you needed to rebuild your home in the event of an earthquake would you have the money to pay for it? At $1,200 a year for the insurance over a 30 year period would cost you $36,000 however it would cost considerably more than that for the re-build costs.
So if you have been putting off getting earthquake insurance in California then it's time to seriously reconsider. Other things you should think about is how you are going to deal with the practicalities of experiencing an earthquake. For instance, you should secure large items of furniture in your home such as a bookshelf. If an earthquake happened you don't want it to fall over and injure someone.
How Much Does Earthquake Insurance Cost In California
Written by April
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