An earthquake strikes in California every three minutes, according to a 2019 study published in the journal Science. While the majority of these quakes cause little or no damage, every year California gets two to three earthquakes large enough to cause moderate damage. As a result, California has the highest amount of earthquake related property damage. California is long overdue for a very large earthquake.
If you are like most homeowners in California, most of your life savings is built up in your home equity, but homeowners insurance policies do not cover damage caused by earthquakes. What does this mean for the majority of homeowners? All of your home equity is at risk, and it could be wiped out in an instant if a devastating earthquake strikes your area.
If you own a home in California, it’s imperative to find an earthquake insurance policy that fits your needs. Headquartered in Fairfield, California, GeoVera Insurance Group is the leading provider of residential earthquake insurance and prides itself on offering policies that are clear to understand and easy to customize. You can quote and purchase earthquake insurance online in minutes.
Is Earthquake Insurance Worth It?
The state of California wants homeowners to be covered. In fact, the state requires your California homeowners insurance company to offer earthquake coverage to you every two years. However, this coverage is often a limited coverage policy with a high deductible and earthquake insurance is rarely purchased by California homeowners.
Considering this, GeoVera has created a standalone earthquake insurance policy to help California homeowners get the earthquake coverage they need. The benefit of purchasing earthquake insurance from a standalone provider, like GeoVera, is that you can customize an earthquake insurance policy for your home no matter who your Homeowners insurance company is. Plus, you get coverage from the premier provider of earthquake insurance with extensive catastrophic-risk experience and a strong financial rating. To see the coverages and limits available for your home, customize an earthquake insurance quote online.
How Much Does Earthquake Insurance Cost?
To get an instant earthquake insurance quote, all you need is your address and your dwelling limit from your current homeowners insurance policy. Residential earthquake insurance in California can cost less than $1,000, and up to $2,500 annually for $500,000 of coverage. With a standalone earthquake policy from GeoVera, you can customize your earthquake insurance quote to make it tailor-fit for your needs and budget. If you would like to lower your cost, try increasing your deductible or your coverage limits.
How Are Earthquake Insurance California Rates Calculated?
California earthquake insurance rates are based on the dwelling limit amount from your current Homeowners insurance policy. Other factors that can determine your price are:
- The age, size, and location of your home
- Your home’s foundation type
- The construction materials used in your home
- The deductible and limits you choose
What Does an Earthquake Insurance Policy Cover?
Your homeowners insurance policy does not provide coverage for earthquake damage. Typically, a California earthquake policy provides coverage for your home and other structures, personal property, personal liability, loss of use, and building code upgrade. Some policies include additional sub-limits for swimming pool and chimney coverage. If you need a cost-effective solution, a limited coverage option may be the most affordable earthquake insurance policy.
How Does an Earthquake Insurance Deductible Work?
GeoVera offers California earthquake insurance solutions with a broad range of deductibles. The deductible is the amount that will be subtracted from your payout when you have a claim for earthquake damage. The deductible you choose is calculated based on a percentage of your home’s insured value. Earthquake deductibles in California start as low as 2.5% and go as high as 25%.
California Earthquake Insurance Loss Scenario:
In this scenario, you have a total covered loss of $500,000 with a 10% deductible. That means you are responsible for $50,000, and your claim will pay $45,000k. On the positive side, you do not have to pay your deductible upfront in order to receive your claim payout. Get an instant quote to view the earthquake deductible options for your property.
Learn More
GeoVera has decades of experience managing catastrophic claims, and they have a financial rating of “A” (Excellent) by A.M. Best Company. They’re also the only "A" (Excellent) rated company to offer earthquake insurance online direct to homeowners. With GeoVera’s online policy management and claims tools, you’ll want GeoVera on your side when the next earthquake strikes.
GeoVera’s residential earthquake insurance is available in California, Oregon, and Washington. Get an instant quote and learn more about earthquake insurance at GeoVera.com. Also, follow @GeoVeraQuake on Twitter for expert earthquake news and tips.