When you live in Northern California, earthquakes are an unavoidable part of life. However, they also have the potential to wreak havoc on your home and cause serious financial hardships if you do not take certain steps to prepare, should one occur.
If you have home insurance covering your California home, which you must have if you have a mortgage, know that it does not cover earthquake damage. Instead, you may want to buy a separate type of insurance policy that covers earthquake damage.
Where to get earthquake insurance coverage
Your California homeowner’s insurance company has an obligation to offer you earthquake insurance at least every other year. When it does so, it must offer you said coverage in writing. The offer must clearly dictate what the policy covers and what your deductible and premium are going to be. You then have 30 days to accept or reject the offer for earthquake insurance.
What earthquake insurance covers
Exactly what your earthquake insurance covers may vary from one policy to the next. However, it may help you cover repair or replacement costs relating to your dwelling, personal property or the loss of use of your home. However, there are limits when it comes to what this type of insurance is going to cover. The main goal of earthquake insurance is to get a roof back above your head after this type of natural disaster.
There are limits and time restrictions associated with when you may file claims or appeal denied claims with your earthquake insurance company. Missing these deadlines may leave you with limited options.
