Competitive Earthquake Insurance San Diego Rates

It’s a form of property insurance that pays the policyholder if a tremor causes damage. More specifically, this insurance covers damages to your house, personal belongings inside your home, and loss of use.

Damage from quakes is frequently excluded from a homeowner’s policy. Hence, earthquake insurance is a specialized policy that you must purchase separately. It’s designed to cover you if your home is damaged or destroyed as a result of a quake. The deductibles on the standard earthquake insurance policy range from 10% to 25% of the policy coverage value.

It delivers coverage if your home is damaged by a tremor. Standard homeowner and renters policies won’t cover earthquake damage. This type of insurance is a separate endorsement you must purchase and add to your renters or homeowners policy. But, if you experience a loss due to a mudflow, settlement, landslide, or the sinking, rising, and contracting of earth, your endorsement may cover it if the damage resulted from a temblor.

It usually doesn’t cover anything that your homeowners policy already covers. This means your earthquake policy doesn’t cover fire damage or damage to your vehicles, land, and water damage from outside your home.

To pinpoint the minimum amount of insurance you should carry, your dedicated agency needs to estimate what it may cost to rebuild your home after a temblor. Additionally, costs are calculated for other structures, contents, and loss of use.

Yes. Once the damage has overstepped the policy’s deductible, the policy covers reasonable emergency repairs in an amount of up to 5 percent of the home’s insured value as part of the policy’s dwelling limit. Plus, it covers debris-removal costs in an amount of up to 5 percent of the home’s insured value as additional coverage.

Renters in quake-prone areas should consider adding this insurance to their policies. As with homeowners, earthquake combined with renters insurance has higher deductibles and lower coverage limits. Even so, it’s better than paying for everything out of pocket.

It depends. Earthquake insurance isn’t compulsory, but since you live on the West Coast, your home might be at risk of suffering irreparable damage. California law requires homeowners insurance firms to offer add-on earthquake coverage. Still, there’s no law forcing anyone to actually buy a policy.

The cost of protection against quakes sweeps from $2.90 to $3.10 per $1,000 of coverage in San Diego. For $550,000 of coverage (the median home price in San Diego County), the annual premium is estimated to be $1,650. Home to 1.4 million residents, the San Jacinto, Elsinore, and Rose Canyon fault lines, the city also has a 75% chance of a magnitude 7.0+ quake in the next 30 years, according to the CEA (California Earthquake Authority).

If you have tremor damage and don’t have this insurance to help you pay the costs, your financial obligations like your mortgage won’t just fade away. You may need to continue to pay a mortgage and also defray for an alternative place for living out of your own pocket, even if your residence is destroyed or damaged.