Earthquake Insurance
Residential Earthquake Insurance
Earthquakes can inflict catastrophic damage and Homeowners Insurance policies do not typically cover losses caused by earthquakes. There are more than 10,000 total earthquakes each year and strong earthquakes posing significant risk occur, on average, every two months in the U.S.
Does Homeowners Insurance cover earthquake damage?
Standard Homeowners Insurance policies, dwelling fire policies, and renters policies typically do not include coverage for earthquakes, leaving policyholders unprotected against losses or damage. Earthquake coverage can be purchased as an add-on to a homeowners policy at an additional expense or through the purchase of a stand-alone earthquake insurance policy.
What does earthquake insurance cover?
Most earthquake insurance covers damage to your dwelling, other structures, personal belongings, additional living expenses or rent if your home is uninhabitable during repair, and any loss assessments from an association. A earthquake policy can be tailored to fit your coverage needs.
How much does earthquake insurance cost?
The cost of earthquake insurance varies based on factors such as home value, location, age, construction type, number of stories, and foundation type. A licensed insurance agent can provide you with a cost estimate and quote for affordable earthquake insurance.
For which states do residents need earthquake insurance?
Many people think earthquakes are confined to California or the west coast but earthquakes occur in every state in the United States. As a result, all property owners should consider their vulnerability to earthquakes and the peace of mind that securing earthquake insurance can provide.
What do I need to know when evaluating earthquake insurance companies?
As mentioned, Homeowners Insurance policies do not typically cover damage caused by earthquakes. While some insurance companies may allow you to add on this coverage for an additional fee, earthquake insurance can also be purchased on a standalone basis from a company that specializes in this type of coverage. Our Carriers are a leading national provider of earthquake insurance to both residential and commercial clients.
What Should I know about earthquake insurance for California?
When it comes to earthquakes, California is undoubtedly the first state in the U.S. that comes to mind. While many regions of the country are vulnerable to a potentially damaging earthquake, the states on or near the West Coast including Alaska, California, Hawaii, Nevada, Oregon, Utah and Washington get hit the most often. While Alaska, the largest state in the U.S., records the highest number of earthquakes each year, California has by far the largest number of people at risk. All California residents should consider the threat that an earthquake can pose to their home and finances and should consider purchasing coverage from an earthquake insurance specialist like Palomar etc.