3 Things You Need to Know about Earthquake Insurance
With all the natural disasters from flood to fire in California…Earthquakes are constantly looming in the background. A recent survey indicated that most Californians live within 30 miles of an ACTIVE fault. Only 10% of insured homeowners have earthquake insurance.
The Department of Insurance has been quoted, “it is reckless to reside in California without an earthquake policy”.
Here are a few things to consider regarding earthquake insurance:
- You will not receive any governmental assistance to rebuild your home
- Earthquake damage usually requires hiring an engineer to access the damages – which can be upwards of $50,000 with a deductible starting at 10-15%
- If you are renting, the landlord’s policy will not cover your belongings – only the structure.
Find out how vulnerable your home is to earthquakes by knowing the soil condition and the type of foundation. You can also visit California Earthquake Authority website to get an estimate on coverage.
To learn more about various seismic hazards, order a Natural Hazard Report. Get in touch with the DisclosureSave team by calling (877) 302-3262 today for fast and accurate reports. DisclosureSave has been providing residential and commercial real estate brokers with comprehensive Natural Hazard Disclosure (NHD) Reports that are fully compliant with any and all state, county, and local municipal disclosure requirements.