Learn the basics of an earthquake insurance policy that can give you the peace of mind that you deserve.
Earthquake insurance covers most of the losses and damages that earthquakes may cause to your home, possessions, and other buildings on your property (e.g. a detached shed). If you own a home, then you most likely already have a homeowners insurance policy, but this policy will not cover any damage that is generated by the force of an earthquake. What will protect you and your home is a quality earthquake insurance policy that meets your needs.
Basics of Earthquake Insurance
There are three main parts of a basic earthquake policy that you must know about before your purchase your coverage. The parts are dwelling, personal property, and loss of use coverage, each of which could help you deal with the losses you experience should the next Big One hit.
Dwelling Coverage (part I): The coverage insures your home up to a certain amount (this’s called the limit).
- The deductible is your part of the loss and is usually 15 percent of the limit. A lower percentage is available, but you must pay a higher premium.
Personal Property Coverage (part II): This coverage insures things that are in your home. Things like: furniture, TVs, and computers.
- Expensive things like china and crystal are usually not included in this kind of coverage because they exceed the policy limits.
Loss of Use Coverage (part III): This covers temporary and extra costs to live somewhere else while your area is evacuated or your home is repaired.
- It can cover rental homes, hotels, apartments; moving and storage; furniture rental and laundry expenses.
Having the right earthquake insurance will help to ensure you are covered in case of any damage after the next quake. Contact the independent insurance professionals at Udell Family Insurance in Westlake Village, California for all of your earthquake coverage needs.