Most home insurance policies do not cover earthquakes, which may come as a surprise to you. You might even dismiss it, believing that earthquakes are uncommon, but the fact is, 90% of Americans live in earthquake-prone areas. On the other hand, only about 8% of homeowners have earthquake insurance. This is why it is crucial to understand the best earthquake insurance policies and companies. Here are some things to think about when looking for earthquake insurance.<\/p>\n\n\n\n
You should compare coverage options for the companies you’re considering, just like for any other type of insurance.<\/p>\n\n\n\n
The main reason that more at-risk homes do not have earthquake insurance is most likely due to high deductibles.<\/p>\n\n\n\n
Often, earthquake insurance deductibles are calculated as a percentage of the home’s insured value. If one insurer offers a 5% deductible while another requires a 10% deductible, the difference in compensation if you file a claim can be significant.<\/p>\n\n\n\n
Many earthquake insurance policies or riders exclude coverage for masonry or veneer damage. In effect, this policy exclusion functions as a second deductible, with the cost of repairing the masonry and your deductible deducted from the claim payment.<\/p>\n\n\n\n
Hopefully, you will never need to file a claim, but you should choose a financially sound company because a claim could occur years or even decades from now.<\/p>\n\n\n\n
Some earthquake insurance policies have exclusions for certain types of damage, such as damage caused by ground movement or landslides. Be sure to read the fine print carefully to understand what is and is not covered.<\/p>\n\n\n\n
Choose a reputable insurance company with a good financial rating. This will ensure that your insurance company will be able to pay your claim if you need to file it.<\/p>\n\n\n\n
The three main expenses covered by most earthquake insurance policies are the dwelling, personal property, and additional living expenses.<\/p>\n\n\n\n
The first type of coverage is for your dwelling (your home), which typically means you’ll be reimbursed for the cost of rebuilding your home after an earthquake, but it can also include external structures such as garages, sheds, and, in some cases, swimming pools.<\/p>\n\n\n\n
The second category is personal property coverage, which pays the replacement cost for items such as furniture, clothing, or appliances that you keep in your home, though there may be limitations such as an overall reimbursement cap or caps on specific items. If you have valuables such as artwork, jewellery, or family heirlooms you are concerned about not being covered, it is best to speak directly with your agent. <\/p>\n\n\n\n
In some cases, you may be able to “schedule” these items, which means you’ll buy more coverage for your listed valuables. Alternatively, if you currently have a home warranty policy, double-check to see if it covers earthquake damage.<\/p>\n\n\n\n
The final category earthquake insurance covers is additional living expenses (ALE), also known as “loss of use” coverage. This covers expenses such as hotel rooms, food, and parking and storage fees you may incur if you are displaced from your home.<\/p>\n\n\n\n
Keep in mind that many earthquake policies do not cover common post-earthquake damage such as fires, sinkholes, vehicle damage, or floods.<\/p>\n\n\n\n
You may prefer one earthquake insurance company over another based on your priorities, such as a smooth claims-processing experience or the friendliest customer service. BusinessYield has compiled this list of the top earthquake insurance providers for your convenience.<\/p>\n\n\n\n
Among the many earthquake insurance companies we researched, Allstate was our top choice. The Better Business Bureau (BBB) gave the company an A+ rating. It also received an A+ from A.M. Best, indicating good financial health and a good credit profile.<\/p>\n\n\n\n
Allstate offers a wide range of insurance products, including homeowners, renters, auto, and life insurance. It provides coverage in all 50 states as well as Washington, D.C. In addition, earthquake insurance is available in certain areas of the United States, including California.<\/p>\n\n\n\n
Remember that your protection may differ depending on where you live and the policy and coverage options you select.<\/p>\n\n\n\n
Obtaining a policy is simple. Because Allstate already provides homeowners insurance, you can inquire about adding earthquake coverage to your current policy.<\/p>\n\n\n\n
Farmers Insurance Group has been BBB accredited since 1951 and has an A- rating. Rebuilding, structural repairs, temporary housing due to loss of use, and personal property protection are all covered.<\/p>\n\n\n\n
Farmers excels at claims management. To easily report and manage a claim, use online and mobile claim-reporting options. But that’s not all. Following earthquakes and other major disasters, the company deploys a fleet of vehicles.<\/p>\n\n\n\n
The buses serve as Mobile Claims Centers, with representatives on-site to handle your claims. You can also obtain emergency funds to meet immediate needs such as clothing and temporary housing.<\/p>\n\n\n\n
If you already have a Farmers homeowners policy, simply contact your agent to add earthquake coverage.<\/p>\n\n\n\n
Don’t forget to inquire about any discounts. If you buy home and auto insurance from the same company, you can get multi-line and bundling discounts, lowering your overall costs. You can also save money on your earthquake policy by raising your deductible.<\/p>\n\n\n\n
A.M. Best has given American Family Insurance an A (Excellent) rating. Best for the past 18 years in a row. It’s a proven company with solid financial strength that you can count on to be around for years to come.<\/p>\n\n\n\n
It’s our top choice for insurance discounts because there’s a plethora of money-saving options available to help you lower your insurance premiums. Furthermore, the savings extend beyond the discounts for your auto and home insurance policies. For example, you may be eligible for a discount based on the age of your home, generational policies, qualifying smart home devices, safety features, loyalty savings, and other factors.<\/p>\n\n\n\n
In addition to homeowners earthquake insurance, the company provides coverage for condos and renters.<\/p>\n\n\n\n
There are two drawbacks to the company to consider. First, you must speak with an agent to obtain an earthquake insurance quote. Although this is not unusual, it is an extra step to take when looking for coverage options.<\/p>\n\n\n\n
The second issue is that, despite having excellent credit ratings elsewhere, American Family is not accredited with the BBB.<\/p>\n\n\n\n
Amica Mutual Insurance is the best earthquake insurance company for additional coverage. Unlike many other companies, Amica allows you to add earthquake coverage to a standard homeowners insurance policy as an endorsement.<\/p>\n\n\n\n
The Catastrophic Coverages upgrade from the company includes flood insurance and protection against property damage caused by seismic activity. Increase your dwelling and personal property replacement coverage, valuable items, identity fraud, and home business insurance are some other options for extended home insurance.<\/p>\n\n\n\n
If you’re looking for top-tier coverage, Amica has you covered. Water backup, credit card coverage, computer coverage, and business property coverage are all included in Platinum Choice home protection.<\/p>\n\n\n\n
In addition to personalized options, the insurer receives high marks for customer service. J.D. has awarded Amica the highest level of customer satisfaction. For 17 years in a row, Power has ranked second in the United States.<\/p>\n\n\n\n
Damage to your home, other structures on your property, personal belongings, and loss of use are all covered by a typical Nationwide policy. Loss of use is an important component of earthquake insurance. It can cover the cost of a hotel room and additional living expenses if you are unable to live in your home while it is being repaired.<\/p>\n\n\n\n
However, earthquake damage can be severe, and the cost of replacing your items may exceed your policy’s coverage limit.<\/p>\n\n\n\n
That is why Nationwide goes above and beyond to help cover the costs. According to the company, your initial claim is based on the depreciated value of your covered items. However, if you send in the receipt after purchasing the replacement items, the company will pay the difference.<\/p>\n\n\n\n
GeoVera’s online experience is simplified. You can obtain a free insurance quote online without speaking with an agent. As a result, they were named the best earthquake insurance company for online experience.<\/p>\n\n\n\n
GeoVera specializes in disaster insurance, such as windstorm, hurricane, and earthquake coverage. The disadvantage is that their earthquake coverage is limited to three states: California, Oregon, and Washington.<\/p>\n\n\n\n
There is a combined limit for dwelling coverage, other structures, personal property coverage, and loss of use coverage in the earthquake policies. A single limit, rather than individual limits, gives policyholders more flexibility in how they use their coverages.<\/p>\n\n\n\n
There is no option to bundle your coverage because the company does not provide traditional homeowners or auto insurance.<\/p>\n\n\n\n
The business has an A+ rating despite not being Better Business Bureau-accredited. GeoVera also has an A.M. <\/p>\n\n\n\n
State Farm is well-known for its extensive network of insurance agents across the country. The company has been in operation since 1922 and has received the highest possible rating from A.M. Best of all, an A++.<\/p>\n\n\n\n
Their long-standing reputation as “like a good neighbor” is supported by over 19,000 agents in communities across the United States. If you prefer to conduct business in person, they have you covered. That is why we selected State Farm as the best quake coverage for in-person service.<\/p>\n\n\n\n
Consider bundling your coverage if you own a home, condo, or mobile home to qualify for State Farm insurance premium discounts.<\/p>\n\n\n\n
Country Financial received 855 out of 1,000 possible points in the study, which considered customer satisfaction levels. That is what propelled them to the top of our list of best customer service providers.<\/p>\n\n\n\n
This company, like the others on our list, provides comprehensive homeowners insurance coverage with the option to add earthquake protection if your home qualifies.<\/p>\n\n\n\n
Country Financial was established in 1925. The provider has expanded to include auto, homeowners, life, and health insurance. Customers can also access the company’s annuities and investment products.<\/p>\n\n\n\n
Aside from excellent customer service, you can take advantage of discounts to keep your earthquake insurance costs low. Country Financial, for example, provides a multi-policy discount, alarm credit discount, dwelling age discount, and other benefits.<\/p>\n\n\n\n