Looking for Earthquake Insurance in the Pacific Northwest?
When we think of insurance, we typically think of our business, house or car, & life insurance. What many people don’t think about is earthquake insurance.
There is a reason a standard homeowners or commercial property insurance policy specifically excludes coverage for flooding or earthquakes. It’s because the damage can be extensive and costly.
While earthquakes don’t strike regularly, it only takes one minor tremor to cause significant damage to your home’s foundation, resulting in tens of thousands of dollars in damage if not more.
Surprisingly, earthquakes occur across the Northwest on a regular basis, almost daily. Most are relatively small, but even small tremors can damage foundations, crack masonry type facades, and start fires from ruptured gas and electrical equipment. None of this would be covered unless earthquake coverage is purchased.
At Lilac Insurance, we take protecting your home or commercial property very seriously. It’s for this reason we feel that purchasing earthquake insurance for your home is something that should be considered.
When we talk about insurance, the entire purpose of insurance is to transfer risk to an insurance company; let them pay for the damage that most of us couldn’t otherwise afford. Being that your home is most likely your most valuable asset, it only makes sense to explore the benefits of earthquake insurance.
Homeowners insurance does not cover earthquakes
In many states, earthquake insurance is sold as a stand-alone policy, or added on by endorsement to an existing policy. Homeowners policies do not cover earthquake damage in any way, unless specifically added onto the policy. Earthquake coverage can typically be endorsed to any homeowners policy, but we also write this coverage as a separate, stand-alone policy. The premium is typically less, and the coverage broader this way. Our go-to carrier for this is GeoVera Insurance.
Like homeowners insurance, earthquake insurance’s main duty is to protect your home, or a commercial building. In addition, there is typically coverage for personal property as well.
A consideration when adding earthquake coverage is the deductible, which is typically a percentage of the amount your property is insured for. These percentages range from 2.5%, to 20% or more. The higher deductible you take, the lower your premium will be.
Have questions? Give us a call, or request a quote. Knowing the price of this coverage can help you make an informed decision.
Whether you live in Washington, Idaho, Oregon, or Montana, we have solutions to meet your earthquake insurance needs.
How to get started on your Earthquake insurance quote
To get started on your quote, call our office or click over to our quotes page. Either way we’ll make the process simple!
