Here is an overview of the importance of having earthquake insurance in seismic areas, the coverage provided, and how QuakeInsurance by GeoVera compares to other prominent providers.
Is CEA the only earthquake insurance?
In addition to the California Earthquake Authority (CEA), there are also private insurance companies, such as GeoVera, that offer stand-alone earthquake coverage. Each carrier develops products that can differ in policy terms, coverage options, and pricing. It is recommended that you compare the various ways the policy can be structured and the cost to find the earthquake insurance policy that best suits your needs and budget.
In California, less than 15% of homeowners opt to purchase earthquake insurance, but for those in the most earthquake-prone areas it should be considered essential.
What does earthquake insurance actually cover?
QuakeInsurance by GeoVera offers flexible and affordable earthquake insurance coverage options to protect your property in the event of an earthquake. Earthquake policies can be tailored to suit individual needs and budgets. Homeowners can choose coverage limits, deductible amounts, and additional endorsements to align with their circumstances.
Understanding what earthquake insurance covers can give you peace of mind, knowing that you have financial protection in case of seismic activity.
Structural Damage Coverage
One of the primary components of Quake Insurance by GeoVera is coverage for structural damage to your home in case of an earthquake. This includes the physical structure of your house, such as the foundation, walls, roof, and other essential components. If an earthquake causes damage to your property, the insurance policy can help cover the cost of repairs or even the full reconstruction of your home, depending on the extent of the damage. Plus, there is coverage for “other structures”, the external structures not attached to your home, like a detached garage or fence, that could be damaged or destroyed in a seismic event.
Personal Belongings Coverage
In addition to protecting your home itself, GeoVeraʼs earthquake insurance also covers your personal belongings. This includes furniture, appliances, electronics, clothing, and other possessions inside your home. If an earthquake damages or destroys your personal belongings, the insurance policy can help cover replacing or repairing them.
Additional Living Expenses Coverage
If an earthquake damages your home to the extent that it becomes uninhabitable, you may need to find temporary accommodations while repairs are being made. GeoVeraʼs earthquake insurance can help with “loss of use”, which includes additional living expenses, such as hotel stays, Airbnb rental costs, or other necessary expenses until you can return home.
Who tends to buy earthquake insurance?
While earthquake insurance is not legally mandated in California, it is highly recommended for homeowners. Standard homeowners insurance policies do not cover earthquake damage, leaving individuals vulnerable to losing their largest asset, their home, after a seismic event.
Homeowners who lack earthquake insurance may face overwhelming financial strain or even potential foreclosure in the aftermath of a severe earthquake. Individuals who are generally more risk-averse and potentially invest in ancillary types of insurance, such as pet insurance or an umbrella policy, often consider earthquake insurance an essential safety precaution.
By investing in earthquake insurance, homeowners can have peace of mind knowing that their most significant investment—their home—is covered. Protecting their equity becomes even more critical for families that are close to or have paid off their mortgage. The cost of repairing earthquake damage for your home can be exorbitant and will rise significantly in the aftermath of a natural disaster as construction labor and supplies will be in high demand. The ultimate cost to rebuild may exceed one’s life savings.
Avoid the risks that come from omitting earthquake insurance from your portfolio. Be ready to repair, rebuild and return home with the right earthquake coverage from the market’s most financially stable carrier, QuakeInsurance by GeoVera. Want to get a fast and easy quote for your property? See the best earthquake insurance option for your property in less than a minute at www.quakeinsurance.com.
