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When It Hits, How Protected is Your Home?

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Earthquake Insurance for You & Your Family

Only 10.8% of Californians with residential insurance had Earthquake coverage at the end of 2016, compared with nearly 33% who carried insurance when the Northridge quake struck in January 1994, according to the California Department of Insurance. This in part is due to the soaring number of houses built in California, leaving those covered by Earthquake insurance a low percentage of the total number of homeowners. Also contributing to the lack of insurance is that individuals mistakenly believe Earthquake coverage is covered under their Homeowners, Condominium or Renters policy, or that if the quake is big enough they will get assistance from the federal government. But grants from the FEMA under its individuals and households program are capped at $33,300. The average home price in Los Angeles County is a record $580,000, more than triple the median price of $189,400 in mid-1994.

Protect Your Investment

ISU-The Olson Duncan Agency can provide you with Earthquake insurance so that your home is properly protected. We work with a network of leading insurers enabling us to procure the coverage you need in the event of quake damage. Coverage is available for:

  • Repairs to your house and attached structures, such as a garage.
  • Your personal belongings, such as furniture and clothes.
  • Additional living expenses, such as hotel bills if you can’t live in your home.

Depending on your policy, coverage for other structures, such as a carport or toolshed, and debris removal may also come standard. Optional coverage may include building code upgrade s, land restoration and emergency repairs.

The amount of coverage you need as a homeowner is typically set at the same limits on your dwelling coverage under your Home insurance.

How Earthquake Insurance Works

Compared to Homeowners insurance, it’s important to note that Earthquake policies contain a significant deductible, which is the amount subtracted from your claim payment. Insurers will deduct between 5% and 25% of your dwelling coverage limit. For example, if you had $400,000 of coverage on your dwelling with a 20% deductible, you’d have a $80,000 deductible on your Earthquake policy. Yet, note that without Earthquake insurance, you would have no funding whatsoever to rebuild.

Our professional staff will review with you what policies are available from our different insurers, the limits and deductibles available for your structure and personal belongings and how each responds in the event of a loss.

Our Value

At ISU-The Olson Duncan Agency, we look to provide clients with a total solution, not simply a quote or an insurance contract. Our goal is to provide real value and build a long-term relationship based on trust. This is underscored by the fact that we provide our clients with their risk management and insurance solutions, including property & casualty, employee benefits and personal insurance. To find out more about how we can help you, call us at (310) 373-6441.