Why You Need Earthquake Insurance in California
Are you wondering why you need earthquake insurance? In California, earthquake coverage isn’t typically included in a standard homeowners insurance policy. Like other types of specialty insurance, such as flood insurance, earthquake insurance is usually bought separately.
The first thing to take into account is the fact that earthquakes tend to cause major structural-level damage. Visiting damaged sites in the aftermath of a severe earthquake is not for the faint-hearted. Whole buildings are flattened, the contents are decimated, and sometimes, whole houses are turned into unrecognizable rubble. Even as you’re facing the devastating loss of your home, you’ll need to consider how you’ll pay for the rebuilding or relocation of your family.
Should an earthquake strike your area, are you ready to face the financial consequences? The loss of your home could be complete. For many California residents, their residence is their major financial asset. It could take decades for you to rebuild your financial stability if you don’t have insurance. Government relief programs probably won’t help you recover what you had.
An appropriate earthquake insurance policy could provide you with a level of financial compensation for a number of things. You might be able to replace some or all of your damaged household items, including furniture. You might have access to some funds for temporary accommodation. Your payout could go towards the rebuilding of your home, and toward your mortgage repayments. Clearly, an earthquake insurance policy could allow you to get back on your feet more quickly in the aftermath of devastating loss.