Despite Quakes, Few California Homeowners Have Earthquake Insurance

BUT AS CONSUMERWATCH REPORTER JULIE WATTS TELLS US ONLY ABOUT 10 PERCENT OF INSURED HOMEOWNERS ALSO HAVE EARTHQUAKE COVERAGE JULIE? THE DEPARTMENT OF INSURANCE GOES AS FAR AS TO SAY – IT IS IRRESPONSIBLE TO LIVE IN CALIFORNIA WITHOUT EARTHQUAKE INSURANCE

A FEW KEY THINGS TO REMEMBERâ THE GOVERNMENT WILL NOT REBUILD YOUR HOME QUAKE DAMAGE OFTEN REQUIRES ENGINEERING FIXES WHICH CAN START AT 50-GRAND

THE DEDUCTIBLES MAY SEEM HIGH AT 10-15% BUT UNLIKE AUTO POLICIES, YOU DON'T PAY THE INSURER JUST DEDUCTS THAT AMOUNT FROM WHAT THEY PAY YOU AND RENTERS YOUR LANDLORD'S POLICY WILL NOT COVER YOUR BELONGINGSâ KEEP IN MIND, THE MAJORITY OF DAMAGE – AND 911 CALLS – ARE ATTRIBUTED TO STUFF INSIDE THE HOME BUT – IS THERE ENOUGH MONEY IN THE POT TO COVER THE BIG ONE?? WELL THE CALIFORNIA EARTHQUAKE AUTHORITY SAYS — IT HAS 15 BILLION IN RESERVES FOR PERSPECTIVE –THE OCTOBER FIRES RESULTED IN ABOUT 9 BILLION IN CLAIMS BOTTOM LINE – BE INFORMED KNOW THE SOIL CONDITIONS AROUND YOUR HOMEâYOU CAN ENTER YOUR ADDRESS ON THE CAL O-E-S – MY HAZARDS PAGE AND CONSIDER HOW CLOSE YOU LIVE TO A FAULTâ YOUR TYPE OF FOUNDATION and CONSTRUCTIONâ DECIDE NOW IF YOU NEED TO MITIGATE DAMAGE – WITH A RETROFITâ BUY EARTHQUAKE INSURANCE

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