October 9th marks the two year anniversary of the devastating Santa Rosa firestorm. Like thousands of others, the Wallace family lost our home in that firestorm and are still living in its aftermath.
Insurance saved us.
My new motto..."Well-considered insurance coverage, with ample policy limits, is "gold" in the event of a catastrophic loss." It puts you at the front of the line with just about everyone you need to help you post-loss.
This brings us to "homeowners earthquake insurance".
Like the firestorm, earthquake damage can be catastrophic. However, unlike fire insurance, most homeowners don't carry earthquake coverage.
Ever considered it? Interested in what it covers and how much it costs?
Either way, let's go for an informed decision.
Earthquake Risk
1. There are 15,700 know faults in California. 500+ are active faults.
2. The chance of a M6.7+ earthquake within the next 30 years is over 99%
3. Most Californians live within 30 miles of an active fault.
Quick Overview of the California Earthquake Authority™ Program
The CEA is a not-for-profit, state instrumentality (but not a state agency and not funded by the state), set up to provide earthquake insurance for participating residential insurance companies in California. The CEA is financed through insurer contributions, policyholder premiums, and its own investment returns. It has an A- (Excellent rating) from A.M. Best rating agency. Details including a full list of participating insurance companies can be found on the CEA website. www.earthquakeauthority.com
The CEA offers coverage for the dwelling itself with options related to personal property, loss of use, deductibles, etc.
Homeowner Earthquake Insurance - Private Insurers
Residential earthquake insurance programs are also available through specialty private insurance carriers and can be a helpful alternative to the CEA when needed or desired. View sample coverage overview.
Recent Quotes (Santa Rosa - samples only)
There is nothing more frustrating than knowing you could have had insurance to cover a devastating loss but just don't have it. Whether it's learning that you can't afford to rebuild your home, regretting not buying life insurance on a loved one, or realizing that you should have accepted the catastrophic coverage (like earthquake, windstorm, or flood) that you now need...uninsured loss can be heartbreaking.
We are here to help. If you would like more information or an earthquake insurance quote, just let us know. Reply here.