An experienced insurance broker in San Diego can be far more helpful than you might imagine. In California, many homeowners and business owners are concerned about earthquake damages and the costs they could face as a consequence. Luckily, there are some basic guidelines and details that should help you navigate purchasing earthquake insurance. Be sure to go over your specifics in detail with your broker. There is no one-size-fits all solution when it comes to earthquake insurance, so it's essential that you find a policy that suits your needs.
Insurance
Homeowners sometimes make the mistake of thinking that their homeowners insurance policy automatically covers earthquakes, but this simply isn't true. The insurance company that you have your homeowners insurance with may offer earthquake insurance as an add-on for you policy, or the company might instead provide a standalone earthquake insurance policy. It's worth contacting your insurance company and finding out what they can provide.
Remember that you’re under no obligation to buy your earthquake insurance through the same company. In California, all home insurance companies are required to offer earthquake insurance by law, although their policies and coverage will differ. The California Earthquake Authority provides coverage as well. In California, Oregon, and Washington, you may also purchase an earthquake policy from GeoVera or Arrowhead. If you want to learn more about earthquakes in your local area, you can consult the United States Geological Survey (USGS).
Policies
It's always essential that you know what is and isn't covered under an earthquake insurance policy. Although every policy is a little bit different, there are some basics that are shared. It does cover damage to your home caused by the earthquake. This includes both damage to the home itself, as well as attachments, such as a garage. The earthquake policy will also pay for temporary housing—usually a local hotel—if you can't stay in your home. Personal belongings are also covered. This typically means items like furniture or clothing.
However, there are items that won't be covered under your earthquake insurance policy. Flood damage, even if the flood is the result of an earthquake would instead be covered under flood insurance. Flood insurance needs to be purchased separately. Flood insurance isn't covered under homeowners insurance or earthquake insurance and needs to be purchased separately. Fire damage falls under homeowners insurance, whereas damage to your vehicle would be covered by your auto insurance policy if you have comprehensive coverage. Masonry that's part of your home's veneer won't be covered under an earthquake policy. You could add coverage for sinkholes to your homeowners insurance policy or purchase a separate policy. Sinkholes don't receive coverage under an earthquake policy.
Specifics
As always, you should review your specific policy very carefully. Keep in mind the amount of coverage and what falls under your earthquake insurance policy. If needed, you may want to purchase separate coverage or add additional coverage under your homeowners insurance. You should never hesitate to compare policies and companies. You aren't obligate to go with a particular company simply because you already have a policy through them, although you may be able to get a good deal.
This is why it's always a good idea to work hand in hand with an insurance broker in San Diego. You don't want to miss any key points or gloss over the details. When it comes to repairing your home or replacing your belongings, you really can't afford to miss anything. Contact California Brokerage Associates at (619) 283-9999 and speak with a broker directly. Every situation is different, and you deserve to have the protection that's right for you and your family.