Everything You Need to Know About Earthquake Insurance in Thousand Oaks
Stay stable on shaky ground with reliable earthquake insurance in Thousand Oaks.
Earthquakes continue to rattle through the states, with California taking severe hits every year. In 2016 alone, there were close to 7,800 earthquakes, many ranging from a 3.3 to a 5.7 to a 6.5 magnitude rating. There are few events that damage a home as severely as a major earthquake. Even so, only 10 percent of California residents have coverage. More than ever before, reliable earthquake insurance in Thousand Oaks is essential.
Earthquakes strike often and without warning in California, which has an average of 10,000 seismic events every year. For Californians, it’s not a matter of if an earthquake strikes, but when and how large it will be. Along with earthquake preparedness (stocking an earthquake kit, practicing drills, and deciding on an emergency family meeting place), you can protect your property with insurance.
Your homeowners insurance won’t cover you.
Most homeowners and renters insurance policies do not cover damage from an earthquake. Like flood insurance, earthquake insurance must be purchased separately in California. Without insurance, you must pay out of pocket to replace damaged possessions and repair your home. In some cases, you will be forced to rebuild your home.
Coverage protects your home and wallet.
Earthquake insurance is designed to repair or rebuild your home if it’s damaged in an earthquake. It covers some of the home’s contents, and it may cover additional living expenses if you need to stay somewhere else while your home is being repaired. It’s important to note that all policies have exclusions. Earthquake coverage won’t cover damage to vehicles, the land around a home, or anything already covered by a homeowners insurance policy.
Earthquake insurance is affordable.
Homeowners shouldn’t be left in the dark when it comes to securing reliable coverage. New options for coverage are available through the California Earthquake Authority and currently provide around 75 percent of the earthquake policies that are sold in the state. The CEA now offers a cost calculator on the website that allows homeowners to input information on their homes and quickly determine what their monthly and annual premiums would be. Many find that rates are cheaper than what they expected.