Earthquake Insurance coverage is excluded on most Homeowners Insurance policies. Depending on the insurance company your homeowners insurance is with, you can obtain earthquake insurance directly through the homeowners insurance carrier or through the California Earthquake Authority.
We are excited to announce that Pacific Specialty now offers Earthquake Insurance at a reasonable rate. Rates are determined on location of property and the likelihood of an earthquake. Typically, most earthquake policies feature a high deductible, which in some cases will come into play if the entire home is destroyed. If the home is only partially damaged, coverage may not apply if the damage is under the deductible.
Some Details on Pacific Specialty Earthquake Insurance Policies
Pacific Specialty offers two types of policies, Comprehensive and Comprehensive Plus Protection. They offer lower deductibles which are not available with the majority of earthquake carriers.
*Deductibles: 5%, 7.5%, 10%, 15%, 20% and 25%. Applies separately to Coverage’s A, B, C and
E listed below. No deductible for Loss of Use.
* Dwelling: Coverage A – Damage to the dwelling structure up to Coverage A limit.
*Other Structures: Coverage B – Damage to appurtenant structures covered up to 10% of
Coverage A. Coverage for swimming pools is increased to $25,000 under Plus.
*Personal Property: Coverage C – Damage to personal property covered up to 50% of
Coverage A. Sublimit coverage is increased in several categories under Plus.
*Loss of Use: Coverage D – Coverage provided up to 20% of coverage A limit of $25,000 or $100,000 whichever is less depending on which program coverage is written with.
*Building Code Upgrade: Coverage E – Provides coverage up to $10,000 if dwelling meets the definition of earthquake hazard reduction.
*Loss Assessment: Coverage F – Provides coverage up to $10,000
Example: Zip Code 92057 with coverage on Rental property at $530,000
California Earthquake Authority: $259 a year with 10% deductible at $530k dwelling,
$5k contents, $25,000 loss of use
Homeowners Carrier: $647 basic or mini policy 15% deductible is lowest option
Pacific Specialty: $275 year under Comprehensive program or $331 under Comprehensive Plus. Plus plan offers broader coverage for contents, other structures (including
swimming pools) & Loss of use.
*Home being retrofitted is a requirement for coverage. This means dwelling bolted to foundation, braced cripple walls if crawl space and water heater strapped.
If you would like to obtain a quote or for additional information on Earthquake Insurance, please feel free to call our Carlsbad Office at (760)795-2002 or Temecula Office at (951)296-6833.
