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.
The protection of condo earthquake insurance may vary from one policy to another. Even so, earthquake insurance offers the following types of coverage:
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.
Condo earthquake insurance can offer financial compensation for replacing personal property, including furniture, clothes, appliances, musical instruments, and jewelry.
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:
Condo earthquake insurance provides additional living expense coverage to maintain your normal living standards.
A condo earthquake insurance may not cover the following:
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.