Affordable earthquake insurance is generally recommended in California due to the state’s high seismic activity Opens a new window, but it is not legally required.
It is important to note that standard homeowners insurance typically does not cover earthquake damage. So, a separate policy can help protect your property and belongings after an earthquake. Consider assessing the risk and potential costs to determine if earthquake insurance suits you.
How Much Is Earthquake Insurance in California?
California earthquake insurance costs can vary significantly based on factors such as location, property value, type of coverage, and deductible. Premiums can range from a few hundred to thousands of dollars. Getting quotes from multiple insurance providers is advisable to get a more accurate estimate based on your circumstances.
What Happens if You Don’t Have Earthquake Insurance in California?
Suppose you do not have earthquake insurance in California, and an earthquake damages or destroys your property. In that case, you will likely have to cover the repair and rebuilding costs out of pocket. Standard homeowners insurance typically does not cover earthquake damage. So, without a separate earthquake insurance policy, you may be responsible for all the expenses related to repairing or rebuilding your home and replacing damaged belongings. This can be financially burdensome, especially after a significant earthquake.
What Does Earthquake Insurance Not Cover?
Earthquake insurance typically covers damage caused directly by the shaking of the ground during an earthquake. However, there are certain things that earthquake insurance usually does not cover:
- Flood Damage: Earthquake insurance usually does not cover damage caused by floods, tsunamis, or other water-related events. For flood coverage, you would need a separate flood insurance policy.
- Landscaping and Outdoor Structures: Damage to landscaping, driveways, fences, and other outdoor structures may not be covered by earthquake insurance.
- Secondary Damage: Earthquake insurance might not cover damage from fires, explosions, or other secondary earthquake-related events.
- Pre-existing Damage: If your property has existing earthquake-related damage before getting the insurance, that damage might not be covered.
It is essential to carefully read and understand the terms of your earthquake insurance policy to know exactly what is covered and what is not.
Purchasing earthquake insurance has many pros and cons, but it is a wise decision if you live in an earthquake-prone area, especially in California. Earthquakes can cause substantial damage to your property and belongings, and repair and rebuilding costs can be overwhelming. Earthquake insurance provides financial protection against these unexpected events, giving you peace of mind knowing that you will not have to bear the entire financial burden in the aftermath of an earthquake. It is an investment in safeguarding your assets and ensuring you are prepared for the unpredictable.
There are many options to choose from when it comes to finding the best and most affordable earthquake insurance. If you’d like to compare rates, do it today! Quake Insurance by GeoVera makes getting a quote quick and easy.
