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Protecting Your Investment with Earthquake Insurance

Protecting Your Investment with Earthquake Insurance

posted on strikingly and weebly

 

IG: Recent earthquakes have many property owners wondering: do I have enough insurance coverage? We tackle the subject in this week's blog post. #calbaypropertymanagement #scottsafadi

 

Believe it or not, 90 percent of California homeowners don't have earthquake insurance. For as much anxiety as the region's tectonic activity brings to residents, many people are clueless about their insurance coverage as it pertains to earthquake damage. Since standard renter's and homeowner's insurance doesn't typically include this kind of coverage, many opt not to add on the additional protection.

 

Just 13 percent of San Francisco homeowners have earthquake insurance. 20 percent of San Francisco tenants have such coverage in their renter's insurance. Without it, homeowners and tenants alike are stuck with the bill of any damage caused in an earthquake.

 

So how much earthquake insurance should you carry? Tally up your home or rental property's rebuild costs along with the value of any personal property on site. You may also want to include the cost of emergency repairs, loss of use costs, and additional living expenses associated with relocating after an earthquake. This ballpark figure can help you better understand the amount of coverage you need.

 

While the added expense of earthquake insurance may seem like an unnecessary precaution, homeowners, rental property owners and tenants in the Bay Area can benefit from this kind of coverage. Talk with your insurance provider about your options - you may be surprised by how much coverage you can get for just a few dollars more per month.

 

-- Scott Safadi, Cal Bay Property Management

Protecting Your Investment with Earthquake Insurance

posted on strikingly and weebly

IG: Recent earthquakes have many property owners wondering: do I have enough insurance coverage? We tackle the subject in this week's blog post. #calbaypropertymanagement #scottsafadi

Believe it or not, 90 percent of California homeowners don't have earthquake insurance. For as much anxiety as the region's tectonic activity brings to residents, many people are clueless about their insurance coverage as it pertains to earthquake damage. Since standard renter's and homeowner's insurance doesn't typically include this kind of coverage, many opt not to add on the additional protection.

Just 13 percent of San Francisco homeowners have earthquake insurance. 20 percent of San Francisco tenants have such coverage in their renter's insurance. Without it, homeowners and tenants alike are stuck with the bill of any damage caused in an earthquake.

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