According to the U.S. Geological Survey, California residents are at high risk of experiencing an earthquake. While owning a condo is a great way to enjoy life, an earthquake can bring the investment to its knees.
The power of an earthquake can shake the strongest foundation and damage the walls, furniture, and personal belongings. In addition, particular types of houses are likely to sustain significant damage, highlighting the need for condo earthquake insurance.
Consider speaking to a trusted insurance agency if you’re looking to protect your investment from the unforeseen losses of an earthquake strike.
What Does Condo Earthquake Insurance Cover?
The protection of condo earthquake insurance may vary from one policy to another. Even so, earthquake insurance offers the following types of coverage:
Repair Cost
In case of extensive damage, the condo earthquake insurance caters to the cost of repairing the damaged structure and attached structures, such as a garage, storage buildings, and carports.
Damaged Personal Belongings
Condo earthquake insurance can offer financial compensation for replacing personal property, including furniture, clothes, appliances, musical instruments, and jewelry.
Additional Living Expenses
Condo earthquake insurance offers additional living expenses coverage to reimburse you for extra costs if the incident forces you to live elsewhere temporarily. The coverage caters to the difference between your normal household expenses and the new costs if you can’t live in your condo during repairs.
The coverage may cater to the following types of expenses:
- Hotel fees
- Restaurant charges
- Laundry service charge
- Rented furniture
- Pet Boarding
Condo earthquake insurance provides additional living expense coverage to maintain your normal living standards.
Optional Add-on Coverage
- Debris Removal: As a property owner, you’re responsible for clearing debris from your yard or lot. You can request your insurer to include debris removal coverage to cover the cost of bringing the property back to its pre-loss condition.
- Emergency Repairs: If an earthquake has caused extensive damage, emergency repairs may be necessary to prevent further damage. Incidences that may necessitate emergency repairs include failure of lights or power, escape of gas, failure of heating systems, burst pipes, or overflowing sewage.
- Land Restoration: You can also opt for land restoration coverage to cater to the expenses involved in stabilizing the property beneath your home.
What’s Not Covered?
A condo earthquake insurance may not cover the following:
- Floods
- A fire caused by an earthquake
- Pre-existing damage
- Vehicle damage
Factors That Affect The Cost of Condo Earthquake Insurance
- Age of your home
- Soil type
- Materials used to build the home
- Proximity to fault line and seismic activity
- The cost of rebuilding your home
- Number of stories on your property
Protect Your Investment With Condo Earthquake Insurance Today
Since California’s risk of earthquakes is high, you should protect yourself against unforeseen losses using an insurance package. Your basic condo insurance policy or homeowners insurance may offer little protection, highlighting the need for enhanced earthquake cover.
At Panorama Insurance Agency, we help condo owners prepare for the worst by offering earthquake coverage as optional add-on coverage.
Contact us online to obtain a free quote.
