Californians face a unique risk when it comes to earthquakes. Small earthquakes happen on a regular basis, but when a big one trembles parts of the state, damages as well as personal injuries can be devastating. The Northridge earthquake of 1994 cost a whopping $44 billion dollars in property damage—making it the costliest earthquake in U.S history. After the earthquake, many property and business owners learned the hard way that neither their homeowners insurance nor their commercial property insurance protected against earthquake damage nor loss of business revenue.
Earthquake Coverage is equally important for personal protection and business protection.
Your home may be the biggest investment you will ever make. It is difficult to fathom losing it all in one, unpredictable natural disaster. When the one high-magnitude earthquake occurs, which will happen, we see widespread damage and destruction. When that moment comes, it’s imperative to have earthquake insurance.
Earthquake insurance generally covers losses and damage to your home, personal belongings, other buildings on your property and additional living expenses for you and your family. Earthquake coverage often has high deductibles and high premiums, but you’ll be glad you have it if disaster strikes.
For businesses, 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 and potential upgrades to ensure that 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. Your local Crusberg-Decker insurance agents all reside in California and are experts in both personal and commercial Earthquake Insurance plans. Some areas, especially in regions close to known fault lines, are considered high-risk with high insurance costs. Your agent will incorporate risks into their analysis along with the value of your property. Contact us at 800.640.1712 or fill out the form on this page to learn more.
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