Homeowners who do not purchase earthquake coverage could see their finances swallowed by the costs of replacement and reconstruction.
Earthquake insurance suffers from bad word of mouth. Homeowners either don’t think they’ll need it, think it’s too expensive, and see how the high deductible isn’t worth the risk. But being without coverage is a gamble, especially if the next big one strikes your area. The odds get progressively worse depending on where you live. Earthquake insurance is something you don’t want to be without, because when it comes to earthquakes, they can strike at any time and without any warning.
Let’s not beat around the bush, here. You’re probably wondering how much this kind of insurance is going to cost. Well, it depends on a few things: where you live, and the age and type of your home. In high-risk places like California, the average premiums are roughly $800 a year. The cost is significantly less as you get away from earthquake-prone places, and can range from $45 to $300 a year.
Why You Are Going to Need It
Let’s be clear about something: standard home insurance policies exclude earthquakes from their list of covered natural disasters. Meaning if you don’t have earthquake insurance, and an earthquake destroys your home, you’re going to have to pay out of pocket for the entire thing.
Here are some earthquake facts you should know before you make a final decision on insurance:
- The Earth shakes a lot. There are an average of 20,000 temblors each in the U.S. alone. Even though the large majority are so small they can only be detected by seismographs.
- Not just California. Earthquakes don’t only happen in the Golden State; there are 42 states in the U.S. which are at risk from earthquakes. And while you may think your safe from any fault lines, the damage of earthquakes sometimes surpass state lines and can cause some damage in a far away city. (Tectonic plates are huge!!)
Knowing that you are protected with the right earthquake insurance in Davis, CA can help to give you the peace of mind you deserve. Contact Purves & Associates Insurance Services for all of your earthquake coverage needs in Davis, Sacramento, and surrounding California areas.