Should You Risk Not Having Earthquake Insurance?

Should You Risk Not Having Earthquake Insurance?

| July 20, 2021

The Bay Area hasn't had a major, catastrophic earthquake since 1989. 

Are you willing to gamble that you will not need earthquake insurance for the next big one?

Can you afford to pay for damage, alternate housing, and your mortgage, all at the same time?

4 Reasons to consider earthquake insurance:

  1. Repairs or replacement after an earthquake are your responsibility, as well as all your personal property.  Remember, homeowners policies exclude ALL earthquake losses. 
  2. Loss of Use (substitute housing for homeowners/loss of rental income for landlords), could cost you upwards of $100,000, as construction could take 2 years or more.  Earthquake insurance covers your substitute housing costs or your loss of rental income, less the deductible.
  3. You are still responsible for your mortgage, which can be financially devastating (foreclosure, bankruptcy) when you are already paying for substitute housing and repairs.
  4. Deductibles are now available for as high as 25%, making the premium more affordable.  Better to have 75% of your losses covered than 0%, especially since a catastrophic loss could be multiple six figures.

Earthquake insurance is the only way to protect the equity of your home, your assets, and your income from the devastating, financially catastrophic loss of a major earthquake. Because we are an independent agent, we can look at other options for you, beyond the offer you see in your homeowners renewal. 

Proper insurance provides financial security, and peace of mind, so you don't have to risk it all. Contact us if you would like an earthquake insurance quote.