Earthquakes are a reality that homeowners in California must prepare for. However, you need to consider several factors before deciding on a purchase.
According to the California Department of Conservation, California experiences two to three earthquakes each year measuring a magnitude of 5.5 or greater. This is enough to cause significant damage to your property. However, you are not without options when it comes to earthquake preparation. The first step is deciding on an insurance policy that is right for you.
Questions to consider
Before you make your decision, the US Geological Survey says you need to answer the following questions:
- How close are you to a seismic fault?
- When did the last earthquake occur?
- What is the history of earthquakes in your area?
- What is the structure of your building?
- What material is your building made of?
- Did your home designer consider earthquake damage?
- What is the condition of your soil?
- Do you live on a significant slope?
- How much rain do you receive each year?
Consult your insurance provider
Besides the question above, you need to do your research as well. For instance, you need to know what earthquake insurance covers. Sometimes you need several different types of plans to cover every possibility. If a pipe breaks in your home, you need to know if your earthquake insurance covers that or if you need flood insurance as well. Speak with your insurance provider to ensure you have the proper protection.
Earthquake insurance is not cheap, and hopefully, you will never need the coverage. However, if you do not pay the price now, you might pay a steeper price in the future.