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Earthquake insurance is NOT included with your homeowners insurance. Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake loss.
Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick.
In the past, earthquake loss was assessed using a collection of mass inventory data and was based mostly on experts' opinions. Today it is estimated using a Damage Ratio (DR), a ratio of the earthquake damage dollar amount to the total value of a building. Another method is the use of HAZUS, a computerized procedure for loss estimation.
Don't be caught off-guard by an earthquake and find out TOO LATE that you do not have coverage! Contact us today to learn about earthquake insurance for your home and belongings.