Californians face a unique risk when it comes to earthquakes. The Northridge earthquake of 1994 cost a whopping $44 billion dollars in property damage—making it the most costly earthquake in U.S history. After this earthquake, many property owners learned the hard way that neither their homeowners insurance nor their commercial property insurance protected against earthquake damage.
Earthquake Coverage for Your Home
Your home may be the biggest investment you ever make. It is difficult to fathom losing it all in one, unpredictable natural disaster. However, low-magnitude earthquakes happen on the West Coast every day. But, it isn’t until one high-magnitude earthquake occurs that we see widespread damage and destruction. When that moment comes, it’s imperative to have earthquake insurance.
Earthquake insurance generally covers damage to your home, personal property, and pays additional living expenses for you and your family. Earthquake coverage often has a high deductible, but you’ll be glad you have it if disaster strikes.
Earthquake Coverage for Your Business
Commercial earthquake insurance coverage protects the structure of your business’s building. To qualify for commercial earthquake insurance, your building must undergo a basic inspection to ensure your foundation, walls and chimneys meet the necessary requirements. Deductibles can be high, but this type of coverage is designed to protect against catastrophic destruction rather than minor damage. However, if you own or operate a business in California, you simply can’t afford to go without it.
Understanding Policy Limitations
While earthquake insurance is crucial for homeowners and business owners, it’s also important to understand your policy’s limitations. Earthquake coverage often carries exclusions for damage due to flooding and damage caused to vehicles, fencing and landscaping. Consider buying additional flood insurance for added protection.
Mother Nature is unpredictable. But, in California, we are well aware of the risks that come with living in such a beautiful state. To learn more about earthquake insurance, contact Crusberg Decker Insurance Services, Inc. at 877.536.1250, or fill out the form on this page.