Earthquake authority offers new insurance options, rebates

Great article recently from Kathleen Pender at the SF Chronicle:

The California Earthquake Authority is offering new insurance policy options this year, including deductibles ranging from 5 to 25 percent, higher coverage limits for personal property and additional living expenses, and a bigger discount for homeowners who submit verified proof of retrofitting.

The article goes on to say after Jan. 20th the residential mitigation program will provide up to $3000 to owners for seismic upgrades.  Less than 10% of homes in California have earthquake insurance, so there is a huge exposure by the majority of homeowners in a state that is known for earthquakes.  Most do not have coverage due to the premiums and deductables.  This year homeowners can choose a variety of deductibles from 5%-25%.  The old options were only 10% or 15%.

There is also an option to increase the coverage of personal property from $100K to $200K.  Overall premiums will be lower by 10%, they may go up for older homes; but that can be offset by retrofitting the home.  The cost to retrofit a home with a raised foundation can be $4000-$5000, so the discount and additional safety are worth the work.  There are programs to help pay for the work, such as the Brace & Bold program.  Homeowners can receive up to $3000 for the work, with funding available for 1600 homes.  Applications must be submitted between Jan 20th and Feb 20th, so get yours in sooner than later.

Now is a great time to get coverage with the earthquake authority and protect you home.  It’s California, earthquakes are a matter of when here.

Abbe and Colleen

San Francisco

San Francisco