Earthquake Coverage Highlights
Questions regarding earthquake insurance are on the rise. A “major event” is predicted for Washington State in our lifetime. It’s important to be informed. Look for these options when reviewing quake policies.
Deductible options are widely varied
A flat deductible amount is rare on current policy forms. It’s important, if you are looking to replace an older quake policy, that you review your deductible. A flat deductible will likely be MUCH LESS out of your pocket than a percentage deductible.
Standard percentage deductible options include 2.5% up to 10%. Ask how the deductible is applied in the event of a loss!
Loss of Use
Unfortunately it can take several years to rebuild a home after a natural disaster. Supplies and contractors can be hard to find. A recent news report indicated 1 in 5 people still haven’t moved back into their homes after Superstorm Sandy struck 5 years ago.
Loss of use includes additional living expenses incurred during reconstruction. Many programs provide a limited amount of extra expense coverage. If your earthquake coverage is part of your homeowners or condo-owners insurance policy check for limitations!
Our program allows clients to select a loss of use limit up to $15 million.
Earthquake is not included on traditional homeowners insurance policies
It is widely assumed coverage is included on homeowners policies however, it is not! Any damage that occurs as a result of earth movement is excluded.
Contact an agent at Guide Insurance Services to discuss what type of earthquake policy best fits your needs.