Does Homeowners Insurance include Earthquake Insurance?
No, no, no, no, no. Your Homeowner’s policy specifically excludes the peril of earthquake, unless you specifically add the coverage back on for a premium. With lots of large earthquakes being reported in the news lately, we’ve received an increased interest in this coverage question.
I live in California, how do I get earthquake insurance?
First, your Homeowner’s carrier is required to offer it to you on every other renewal date. You will pay an additional premium to add it, but it is your choice. If you are in the middle of the 2 years and want to buy it, you have 3 options.
1 – Ask your current carrier to add it mid-term, which they will most likely decline to accommodate.
2 – Change carriers. The new carrier has to offer it on initiation of the policy, so your only concerns with this option are other potential underwriting issues and cost – which we can walk you through.
3 – Buy it on a stand-alone basis. This is not cheap, but it is do-able if you want to stay with your current Homeowner’s carrier.
Nobody knows when the big one will hit us in California, if ever. But in Northern California you will be in the minority of homeowners protected if you do buy it, since most people outside of the Bay Area opt not to purchase this coverage. If you have questions about cost and earthquake insurance in general, as well as how to save money on your policies by combining your home and auto insurance, please call us today at (800) 681-2025.
Purves Insurance is located in Davis, CA and saves our customers money when we bundle home & auto insurance.