California Earthquake Insurance

If you own a home in Ventura County, it would be critical if you don’t have an insurance policy that covers disasters that follow after an earthquake. Having earthquake insurance from Pizzola Insurance Agency ensures you are protected from property damage. Most homeowners, mobile homes, condominiums, and renters policies don’t cover earthquake damage, so an additional policy is required.

Ventura County is an Earthquake Zone

Most homeowners that live in California live within 30 miles of an active fault, which is capable of producing a catastrophic earthquake. Since there are 2,000 active faults that pass through eachother in California, according to the California Multihazard Mitigation Plan:

  • A magnitude 5.5 strikes California 3 to 4 times a year
  • A magnitude 6-6.9 strikes California every 2 to 3 years
  • Major earthquakes (7.0 and up) strike California once every 10 years

Being we live in the “Earthquake State”, your risk of property damage caused by an earthquake is inevitable. According to a study by the UCERF3, there is a 99.7% chance of a 6.7 magnitude or greater striking California in the next 30 years. Along with that, there is a 48% chance that a major earthquake will strike in Southern California (risk is higher in Northern California, around 68%).

Living in California, few homeowners actually have an insurance policy that covers earthquakes. If you live in an area that is close to where earthquakes happen more often should evaluate if and when an insurance policy is necessary. Earthquake Insurance can be purchased separately, or as an addition to an existing policy.

Most earthquake insurance policies include a deductible higher than average. The amount of the deductible can vary depending on severity, mostly from 5% to 15% of the total policy amount. Because of this high deductible, the less damage taken, the smaller the claim amount will be. Only insured homeowners with severe property damage after an earthquake will benefit the most.

What does it cover?

Earthquake insurance coverage varies widely. Some will cover the expenses related to replacing damaged property, while some will pay for damaged personal possessions inside a home. Others will also pay for damage to adjoining structures like garages and sheds. Like most types of insurance policies, the coverage of earthquake insurance varies from one provider to another.

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