Facts about EARTHQUAKE insurance in California.
Why would I need earthquake insurance?
Under your Homeowners policy, damage or loss to your home is not covered as a result of an earthquake. To protect your home and belongings from loss resulting from an earthquake you may wish to purchase earthquake insurance from a participating California Earthquake Authority (CEA) company. Also, if you own a condominium or rent a home or apartment you must purchase separate earthquake insurance with a participating CEA company to protect your personal belongings. You are the only one who can decide if this coverage is right for you. Are you willing to risk your investments?
The California Legislature created the California Earthquake Authority (CEA) in 1996-a privately funded, publicly managed insurer to offer basic earthquake coverage for homeowners, tenants/renters, mobile homes and condominium unit owners. A CEA policy provides specific living expenses and limited replacement dollars for earthquake-damaged personal belongings in addition to providing rebuilding benefits for major structural damage to your insured residence.
Where can I purchase a CEA policy?
Participating private insurance companies and their agents offer and service CEA policies. With each homeowners policy sold, companies who do not participate in the CEA are still required to offer earthquake coverage
Important Information
You must have your Homeowners, Condominium unit or Tenant/Renters insurance with a participating CEA company to purchase earthquake insurance The earthquake coverage amount for your residence structure must be the same as you have on your Homeowners policy. The CEA policy pays for repair or replacement of the dwelling, but not for damage to pools, spas, patios, fences and detached garages.
How much does CEA coverage cost?
CEA premiums will vary according to certain factors like where you live, the age and construction type of your residential property. Your insurance company or agent can give you an exact quote.
Give us a call if you would like further information about being properly insured for an earthquake. Our office number is 760-200-0270
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