Did you know? Most homeowners policies don't cover earthquake damage. You need a separate earthquake insurance policy or endorsement to cover your home and your belongings. As with any loss, any damage to your residence or personal property will be covered when an Earthquake strikes. Typically, there will be a deductible which needs to be met on every policy.
When an earthquake strikes, you want peace of mind knowing that the costs to repair your home and replace your belongings are covered. The Insurance Carriers who write your Homeowners/Renters/Condo/Townhouse coverages will offer Earthquake coverages when you initiate your policy with them. If you chose to decline, but then later change your mind and desire coverage, you can obtain coverage through the California Earthquake Authority which is another carrier we use.
MODERATE- TO LOW-RISK
Most homeowners in a moderate- to low-risk area might be eligible for coverage at a preferred rate. These plans offer building and contents coverage for one low price. Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. In fact, people outside of mapped high-risk flood areas file over 20-percent of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding.
If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage.
The Dwelling Form provides insurance for buildings with one to four units, including single-family condominium units and townhouses. The General Property Form provides insurance for other residential and commercial buildings. Both forms provide flood insurance on contents, if you have purchased this optional coverage.
Flood insurance premiums are calculated based on factors such as:
- Year of building construction
- Building occupancy
- Number of floors
- The location of its contents
- Its flood risk (i.e. its flood zone)
- The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
- The deductible you choose and the amount of building and contents coverage
If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase a flood insurance policy. Give Delaney Insurance Agency, Inc. a call to discuss the Flood Plan which will adequately cover your needs.