With 80% to 90% of all U.S. earthquakes occurring in the California/Nevada/Arizona region, it’s easy to see why Earthquake Insurance is particularly important for Californians. From a basic definition of Earthquake Insurance to how to get this type of coverage, here are four facts you need to know about Earthquake Insurance in California.
What Is Earthquake Insurance?
As its name suggests, Earthquake Insurance is designed to protect you financially from the damage that an earthquake may cause to your property.
Earthquake Insurance is important because homeowners, renters, and condominium insurance do NOT cover earthquake damage. If you live in an area susceptible to earthquakes like California, you should definitely consider purchasing Earthquake Insurance.
This type of insurance is so important if you live in the Golden State that California is home to the California Earthquake Authority (CEA), one of the world’s largest providers of residential earthquake insurance.
What Is Covered by Earthquake Insurance?
Basic Earthquake Insurance offered by the California Earthquake Authority consists of three parts:
- Dwelling coverage. Covers your home up to certain limits stated in your policy.
- Personal property coverage. Covers possessions such as TVs, computers, or furniture.
- Additional living expenses. Helps pay for the extra costs of living somewhere else when your area is evacuated or your home is being repaired due to an earthquake.
What Is NOT Covered by Earthquake Insurance?
Earthquake insurance policies usually exclude anything already covered by your Homeowners Insurance policy, such as:
How to Purchase Earthquake Insurance in California?
The California Earthquake Authority is not an insurance agency, but a publicly managed nonprofit that works with 25 participating insurance companies.
You must have a residential insurance policy with one of those companies if you want to purchase CEA Earthquake Insurance.
However, if your insurance company is not among those participating in CEA, you can always purchase a non-CEA policy. Contact the experts at RF1 Insurance today to find an Earthquake Insurance policy that meets your needs.
RF1 Insurance Services: Earthquake Insurance in Southern California
Looking for Earthquake Insurance? RF1 Insurance is your trusted local Safeco agency serving Southern California. Get in touch today: our agents stand ready to help you build a policy customized to your requirements.