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Why should I buy earthquake
insurance?
Most residential insurance
policies do not cover earthquake damage – a separate policy is required. Without
earthquake insurance to help you recover from catastrophic damage, you will be
responsible for all costs to repair or rebuild your home, to replace your
personal property, and to live and eat elsewhere.
What Are My Earthquake
Risks? No part of
California is "immune" from earthquakes—in other words, there is no
“low-risk” area in California for Earthquakes—there are only areas of
lower or higher risk.
In general terms,
your home’s risk level depends on where you live in relation to earthquake
faults, the age and type of dwelling you live in, and the soil types where you
live.
Some parts of California that have
not experienced earthquakes for 200 years or more might be more susceptible to
earthquakes than areas that have experienced recent earthquakes. Why? Earthquake
faults build up tension over long periods of time; what we experience as an
earthquake occurs when that tension is suddenly released. It is theorized that
relatively recent earthquake activity means that faults have released built-up
tension—a lack of earthquake activity can mean that tension is still building
and could be released at any time as an earthquake.
Is my residential property insurance company
required to offer earthquake insurance?
Yes.
By law, all residential property insurance companies must offer earthquake
coverage.
My condominium association doesn’t have a Master
Earthquake Policy. How will this affect me?In
condominium communities, the exterior of buildings, certain building components,
and common areas are typically owned by all the condominium owners as a group.
In the event of earthquake damage to such property, the association may, in
accordance with its bylaws, impose an assessment against all members of the
association to pay for exterior or structural repairs.
Will the government help if a big quake
strikes?Maybe. Maybe not.
Depends. Assistance from the federal government may be available to assist
individuals who have property damaged by earthquakes. However, California
residents should know that State and Federal disaster assistance programs have
specific eligibility criteria and may not always be available. In addition,
Federal and State funds alone are unlikely to be enough to get your life back to
its pre-disaster condition. If the President of the United States declares a
disaster, the Federal Emergency Management Agency (FEMA) may only grant limited
assistance to those who qualify. The Small Business Administration may make
available low-interest loans to help with repairs. But you must qualify and of
course, you must repay the
loan
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