Your home is your castle and keeping it stable on shaky ground is essential. Despite common belief, standard homeowners insurance policies do not provide earthquake protection. Similarly, many homeowners will not secure earthquake insurance because they wrongly assume that they are safe from earthquakes.
However, all residents in California can benefit from the security that an earthquake insurance policy provides. After all, California is no stranger to big quakes: In 2014, Napa experienced a 6.0, San Francisco shook in 2004, and Northridge suffered from a 6.7 in 1994. These areas were hit with millions – and billions – of dollars in property damage.
In essence, an earthquake insurance policy is designed to repair or rebuild your home if it is damaged in an earthquake.
Your premium may depend on a number of factors, including:
If an earthquake damages your home, you should file a claim. Like most types of insurance, you will need to pay a deductible before your coverage kicks in. However, unlike a standard homeowners insurance policy, earthquake insurance often comes with a ‘percentage deductible.’ Such deductibles range from around 2 to 20 percent of your home’s replacement cost.
Talk with your insurer to determine what the right percent is for your needs and budget. Call John E. Peakes Insurance Agency on 1-800-800-5199 to get started today.
