If you’re in the Bay Area and especially the East Bay Area of Hayward or Fremont, CA, you may wonder if you need earthquake insurance. And the answer is it depends…
Earthquake insurance kind of factors into the home buying process ideally. In a perfect scenario you would be able to choose exactly where you live. But realistically, you pick a place that works for you. And understanding the difference between fault lines and fault zones can help a lot.
In example, in Real Estate there are fault zones and fault line differences that affect homes sales. If a home is directly on a fault line it is at a higher risk of taking damage in the event of medium or large size earthquake. Whereas a home that is in close proximity, but not directly on a fault line, is in the fault zone and is quite possibly considered to be slightly less of a risk.
So do I need earthquake insurance, you might ask? That again depends…
- How close to a fault zone or fault line are you?
- How much was or is the cost of your home?
- How much risk are you willing to take?
If you are okay with living in an earthquake zone, then it might make sense for you to have earth quake insurance. The reason is earthquake insurance can be very expensive. So if you aren’t even close to the danger zone then you probably don’t need it. It is still a good idea to earthquake proof your home and secure it to the foundation, however.
If you have a great house and got a great deal on a home that was built on a fault line, then yes, it probably does make a lot of sense to spend the money to get earthquake insurance.
If you have any questions, give me a call and I’ll answer you’re questions immediately.
