Yesterday’s Earthquake in Southern California is a reminder for all of us who live in California that we are on shaky ground from time to time. We are often reminded that California is due for the Big One, especially along the Hayward fault. Unfortunately, nobody can yet predict when the next earthquake will happen, so what does one do to protect their assets?

When it comes to property insurance, Earthquake insurance is one of the more expensive coverage’s to insure. This is primarily due to the unpredictability and the potential magnitude of losses that could occur if a strong earthquake happens. One question that we get all the time is should I buy Earthquake Insurance?  There’s no right or wrong answer because each case is different and insurance is meant to transfer the risk of loss to someone else – the insurance company.  So, if you are really concerned that the loss or damage to your structure would potentially be the cause for financial ruin, then you should purchase the coverage so that you can sleep at night.  But if you are less concerned of damage to your dwelling and the cost to repair, or you have taken protective measures to strengthen your property, then maybe you do not need to purchase earthquake insurance.

Because Earthquake Insurance is costly and has a lot of deductible offerings, it’s best to contact our office for consultation.  Your Homeowners Insurer is required to offer Earthquake Insurance at every other annual renewal, and those offers come separately from your renewal policy.  If you are not at renewal, you can still purchase earthquake insurance on your home and contents with other carriers, so just give us a call if you have questions.

When it comes to Earthquakes and Earthquake Insurance, take the time to learn your options.  You will be able to sleep a lot better at night!

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