There is concern among Bay Area residents with the recent increase of seismic activity. On October 25, 2022, a 5.1 magnitude quake rocked San Jose, the largest in the Bay Area since 2014, with a 6.0 magnitude earthquake near Napa, California. This earthquake took place along the Calaveras Fault, a branch of the San Andreas Fault, which runs roughly 750 miles through California along the boundary between the Pacific and North American tectonic plates. The Calaveras Fault has caused multiple earthquakes, including the 1984 Morgan Hill earthquake, with a magnitude of 6.2, and a 5.6 magnitude quake near Alum Rock, California in 2007.
On September 14, 2022, two earthquakes struck within one minute of each other near Santa Rosa. These events, which included a 4.4 magnitude temblor and a 4.3 aftershock, were felt across the Bay Area. The quake stemmed from the Rodgers Creek fault, which researchers with the USGS have suggested could produce an extremely damaging earthquake impacting an area with over 7 million residents. The Nest Cam video above recorded the 4.4 temblor.
4 Reasons to consider earthquake insurance:
- Repairs or replacement after an earthquake are your responsibility, as well as all your personal property. Remember, homeowners policies exclude ALL earthquake losses.
- 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.
- You are still responsible for your mortgage, which can be financially devastating (foreclosure, bankruptcy) when you are already paying for substitute housing and repairs.
- Deductibles are now available for as high as 25%, making the premium more affordable. Better to have 75% of your losses of repair and alternate housing 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.
What should you do to prepare for an earthquake? Click here to make your safety plan today. Earthquake Emergency Plan