Living in California allows you to enjoy all the beauty the state has to offer. However, it also comes with the risk of experiencing an earthquake. The only way to ensure that your home and belongings are protected in case of an earthquake is to invest in an earthquake insurance policy.
Many homeowners wrongly believe that their homeowners insurance will provide coverage in case of an earthquake. The only way that your home and assets will be covered from damage or destruction is with an earthquake insurance policy. Some of the common reasons many homeowners decide to not invest in an earthquake insurance policy include:
- Their home survived the last earthquake. Each earthquake is different and there is no way to know how much damage it will cause. Even if your home has not been damaged by previous earthquakes, that does not mean it will never be damaged.
- Their home is bolted to the foundation. While bolting your home to the foundation is a good way to protect your home, it does not prevent your home from all possible damage.
- They assume FEMA will pay for damages. FEMA does offer low-interest loans to help home owners rebuild after an earthquake, but it is important to keep in mind that you will have to pay the loan back. The money from an earthquake insurance policy that is used to repair your home will not have to be repaid.
- They think they will just give up their home. If you allow your home to go to the bank, you will not only lose all of your equity, as well as your credit rating.
Contact the insurance experts at Cook, Disharoon & Greathouse in Oakland, California for all of your life insurance needs. We are an independent insurance agency and will work with our many affiliates to ensure that your home and assets are covered with the right earthquake insurance policy.
