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Why Do So Few California Homeowners Have Earthquake Insurance?

If you reside in an area prone to earthquakes, have equity in your home and can not afford to rebuild it on your own. Buying insurance against earthquakes makes sense from a financial point of view. If you can afford it, the best way to protect the investment in your home is to modernize your home and buy California earthquake insurance quotes.

Why Do So Few California Homeowners Have Earthquake Insurance?

Why Do So Few California Homeowners Have Earthquake Insurance
Why Do So Few California Homeowners Have Earthquake Insurance

The more steps you take to modernize and improve your home’s ability to withstand the impact of an earthquake. This is less likely it is to face costly repairs.

The remodeling of your home includes, reinforce your water heater, install “transparent” panels and screw your foundations. If you decide that your home needs protection beyond modernization, your next step is to purchase earthquake insurance.

Several key factors that you should consider and investigate whether you buy insurance or not are:

  • The amount of capital you have in your home.
    Its current proximity to a fault zone.
    The construction and age of your current home.

How much does earthquake insurance cost?

Satisfaction ratings and financial strength of California home insurance companies that will potentially sell you an earthquake insurance policy. Earthquake insurance policies are often accompanied by deductibles and high premiums. When the time comes to receive any benefit under your insurance policy, your claim must exceed your established deductible. Most car and auto insurance policies have a fixed amount deductible in dollars.

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Earthquake policies are different from other policies. The damage to your home or structure must exceed your deductible to generate a payment for your policy. The payment will be the amount of repair costs above your deductible. Like, in a house with $ 500,000 of coverage and a 15% deductible.

California earthquake insurance pros and cons

Your provider will determine your premium. Typically, older homes cost more than newer homes. Premiums should not be the only thing to consider when buying an insurance policy against earthquakes. You can often find California earthquake insurance pros and cons policies with low premiums, but they are accompanied by poor coverage.

One important thing to keep in mind when buying earthquake insurance is that the insured value of your home is determined by your homeowners insurance. Buying earthquake insurance can be a difficult decision.

Why Do So Few California Homeowners Have Earthquake Insurance?.

People living in the California Bay Area have a 75% chance of an earthquake of magnitude 6.0 or greater hitting them. but only 14% of California residents have earthquake insurance. If you decide to buy earthquake homeowner earthquake insurance, place your limit so that it is adequate to completely replace your property, any dependency, cover engineering costs and temporary living expenses you may have.

Earthquake insurance state farm

Premiums for earthquake insurance cost bay area vary from $ 800 to $ 5,000 per year, and deductibles are typically 15 percent of the total value of the home. California homes are not cheap: the current average sale price is just under $ 400,000 and is higher in many of the higher risk counties

Earthquake damage rarely exceeds deductibles. Some argue that the insurance is not worth it for the owners. Earthquake insurance generally comes with a deductible of 15% of the home’s value, according to John Rundle, a professor of physics at the University of California at Davis.