Due to the recent earthquake activity in Virginia, many of our California clients are inquiring about the coverage they have on their property insurance.
First, let’s define: ‘property insurance’ is any policy you have on a structure. This can range from your apartment that you are renting or your multi-million dollar house or condo. It also pertains to rental property such as a house or apartment building you rent out to tenants.
In all the cases above, Earthquake is NOT COVERED under your standard policy. Much like Flood, Earthquake needs to be purchased separately.
Below is a general breakdown on how Earthquake Insurance works (if purchased) in each case:
1. Renter’s: If you have renter’s insurance for the apartment that you rent and decide to purchase Earthquake, it would only cover your personal property subject to a policy deductible.
2. Condo: If you have insurance on the condo you own and decide to purchase Earthquake Insurance, it would normally cover personal property as well as the interior structure of your condo. This would also have a deductible associated with it.
3. Single Family Home: Earthquake Insurance in this case would cover the structure (exterior and interior) as well as your personal property, subject to a deductible that is usually a percentage of the dwelling coverage. For example, if the Earthquake Policy is covering your structure for $500,000 and your deductible is 15%, then your deductible would be $75,000.
For more information, please contact Invensure at (800) 331-4700.
Protect Your Home from Earthquakes Video
