Understanding Earthquake Insurance
If you live in a region prone to seismic activity, earthquake insurance is an essential protection. Unlike standard homeowners insurance, which typically excludes earthquake damage, earthquake insurance specifically covers the destruction and damage caused by earthquakes. These policies protect your home and belongings and ensure you can recover and rebuild.
Why is Earthquake Insurance Important?
Home Protection
Standard homeowners insurance typically does not cover earthquake damage, leaving your most significant investment at risk. Earthquake insurance can provide coverage for:
- Repairing structural damage to your home or rebuilding costs
- Replacement of personal belongings
- Costs of temporary housing if your home is uninhabitable
Key Features of Earthquake Insurance
Deductibles and Premiums
Earthquake insurance policies usually have higher deductibles than standard homeowners insurance, often ranging from 2.5% to 25% of the dwelling coverage limit.
Premiums vary based on several factors, including:
- Geographic location and soil composition
- Construction type of your home
- Age of the structure
- Proximity to fault lines
- Coverage limits
- Deductible chosen: higher deductible = lower insurance rates
The good news is earthquake insurance in Washington is often very affordable. Clients are surprised to find it’s not as expensive as they expect.
Dova Smith, our earthquake specialist, will work with you to find the right coverage so you have comprehensive protection in the event of an earthquake. Your policy should ideally cover:
- The full cost of rebuilding your home
- The replacement value of personal belongings
- Additional living expenses during the repair or rebuilding process
Exclusions
Earthquake insurance policies typically exclude:
- Fire and water damage (typically covered by homeowners insurance)
- Landslide, unless specifically caused by the earthquake (typically covered by a difference in conditions policy, which is different from earthquake)
- Vehicles (typically covered by an auto policy under comprehensive coverage)
Types of Earthquake Insurance
Homeowners Earthquake Insurance
Earthquake insurance provides coverage for damage to your home and personal belongings caused by an earthquake. This type of policy is essential for homeowners living in earthquake-prone areas, as standard homeowners insurance typically does not cover earthquake damage.
Renters Earthquake Insurance
Renters earthquake insurance is designed for tenants who want to protect their personal property from earthquake damage. While the building structure is the landlord’s responsibility, renters need coverage for their possessions and additional living expenses to rent another house or apartment while their rented home is being repaired. This can be critical in the event of a quake.
Benefits of Earthquake Insurance
Financial Security
Rebuilding after an earthquake can be an extremely costly and lengthy process. Earthquake insurance in Washington provides financial security, ensuring you are not burdened with significant out-of-pocket expenses after an earthquake. It covers the cost of repairs, replacements, and temporary living arrangements.
Peace of Mind
Knowing your home and belongings are protected allows you to live with peace of mind. Earthquake insurance can help reduce the stress and uncertainty from potential seismic events.
Long-Term Investment Protection
Investing in earthquake insurance helps safeguard your long-term investment. Your home represents a substantial financial commitment, and insurance helps protect its value over time.
If you live in an earthquake-prone area, like Everett, earthquake insurance is crucial to protecting your home and your financial security. We can help you navigate coverage options, evaluate your needs, and select the right policy for your home and belongings. Prioritize your financial security and peace of mind by investing in earthquake insurance today.
Earthquake Insurance FAQs
Why is Earthquake Insurance Important?
We recommend earthquake insurance to all our clients because homeowners policies typically do not cover earthquake damage. Rebuilding after a disaster can be extremely costly, especially if you need to pay for temporary lodging.
How Often Do Earthquakes Occur in Our Region?
Dozens of “mini quakes” happen in our region every week. For real-time updates, visit the earthquake tracker for Seattle and the Pacific Northwest. A catastrophic quake has occurred approximately every 400 years and experts say we are due for another one in the Pacific Northwest.
Does My Home Insurance Policy Cover Earthquake Damage?
No, most homeowners and condo insurance policies in Washington and Oregon exclude earthquake damage. Standalone earthquake insurance policies are usually more cost-effective and provide better protection than endorsements added to home insurance policies.
How Much Does Earthquake Insurance Cost in Washington?
The cost varies based on several factors:
- Location of your home
- Construction characteristics of your home
- The replacement cost of your home
- The deductible you choose
Do I Need Earthquake Insurance?
Yes! Washington has the second-highest seismic risk in the country. Purchasing earthquake insurance is critical to protect your home, which is likely your largest financial asset.
Without earthquake insurance, you could be in serious financial trouble if your home suffers damage. FEMA loans might not be sufficient, and continuing mortgage payments without coverage can be a significant burden.
What Does an Earthquake Policy Cover?
- The structure of your home
- Its contents
- Detached structures on your property
- Additional living expenses if your home is not habitable
- If you live in a condo, your policy can also provide coverage for loss assessment.
Start Your Earthquake Insurance Quote
We partner with Palomar and GeoVera to offer affordable earthquake insurance options for our clients. You can explore the options on your own or fill out a quick form to have an agent prepare a custom quote for you.
Explore on your own:
Click the logos below to explore options on your own. If you have any questions, email us at team@autohomeboat.com or call or text 425-379-9200.
Request a quote from our team:
Fill out the form below and one of our agents will prepare a custom earthquake quote for your home.
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Read on to learn more about earthquake risk in the Pacific Northwest and why a specialized policy is so important.
Meet Dova Smith, QuakeQuotes Earthquake Insurance Specialist
McClain Insurance agent Dova Smith has been part of our team for almost 10 years. As our lead earthquake insurance specialist, Dova helps clients evaluate their risks for natural disasters and spends time tailoring earthquake insurance to each client’s unique needs. She also trains our team on changes in the Washington earthquake insurance market, earthquake insurance claims handling, and more.
Dova is a proud veteran of the U.S. Army. After serving our country, she moved home to Everett, Washington, where she lives with her husband, Shawn. They love singing karaoke, tasting wine from Washington wineries, and spending time with their dogs, Nattie and Emma.
Learn more about McClain Insurance and our entire team of licensed insurance advisors.