As of 2019, only 10% of Californian residents had earthquake insurance.
And despite year-round earthquakes, San Francisco residents rarely invest in earthquake insurance.
Should you consider adding earthquake insurance coverage to your home?
We here at Gleetopia Insurance always air on the side of caution. We believe in making sure your treasured items and property have all the protection they need for any circumstance.
That said, we know many people have to consider budget, individual coverage needs, and more. And depending on where you live, earthquake insurance may or may not be necessary for your home. So how do you know if you should purchase earthquake insurance?
Here are three things to remember about earthquake insurance, so you can decide if it’s a good investment for your home.
Earthquake insurance covers your house, add on structures, property, and lodging while your home is repaired.
Many San Francisco residents wonder what earthquake insurance covers, should there be a particularly heavy quake in their home. Earthquake insurance covers your house, or dwelling, as well as any structures attached to it, such as garages or add ons. Keep in mind this does not include awnings or patio covers. It also covers damaged property, such as items that broke during the quake and loss of use. Loss of use means if you cannot live in your home while it is repaired, you can submit temporary housing costs to your insurance company for reimbursement.
Earthquake insurance typically does not cover wells or irrigation, landscape, decor, swimming pools, and more.
While earthquake insurance covers several areas of your home, there are plenty of things earthquake insurance does not cover. For example, if you have a well or irrigation system on your property that’s damaged during a quake, repair for water supply is not covered. The same applies to swimming pools, hot tubs, or ponds. There are several items, both personal property and landscape items, that won’t be covered by your policy. It’s best to review your property and coverage needs with an insurance provider like those at Gleetopia to make sure you know what is and is not covered.
If you’re a homeowner in California, your insurance company is required to recommend earthquake insurance every year.
While homeowners are not required to have earthquake insurance, California insurance companies have to recommend earthquake coverage every year. This is because several small earthquakes can affect many homes over time, sometimes just as much as a big one. So it’s a good idea to make sure your home has the coverage needed should there be a more significant quake in your area.
Ultimately, every homeowner has to decide what kind of coverage they want for their home.
While some people may be able to afford earthquake insurance, it may not be necessary where they live. Others may need to budget for earthquake insurance and can use an independent insurance agent to help them find a great plan for an affordable price.
Gleetopia is happy to answer any questions you may have about earthquake insurance. Contact us today to learn more about our earthquake insurance recommendations. We’re here to help!