Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Earthquake coverage is especially worth considering if you live in an earthquake-prone region. Mar 19, 2018 3:53 PM By: V.I.A. We highly recommend that you do this, as your policy can provide up to about $25,000 for a building’s earthquake deductibles coverage. Share on Facebook. $515 in Richmond, BC . "The reality is, because it is an insurable event, it’s quite clear the government will not be stepping in.". If you aren’t sure whether you have earthquake coverage or not, you should check with your insurance broker. The only exception is damage caused by a tsunami. Earthquake coverage is something Canadians living in any type of a home might want to consider. government study in 2002 showed that 65 per cent of British Columbians in high-risk areas have quake insurance. If this natural disaster were to occur where you live, earthquake coverage would help you protect your family’s cherished belongings and your home. Earthquake insurance might not seem worth it for a few reasons: It’s pretty limited — it only covers earthquakes and volcanoes and very little proximate damage related to those disasters. Insurance deductibles are always higher for losses due to earthquake. "On average, here in B.C., it accounts for between five and 50 per cent of people's homeowner insurance premiums, obviously depending on whether you are in a really earthquake-prone area," he said. Earthquake insurance provides coverage for loss of or damage to personal property and buildings. PURE writes 46% of the earthquake insurance policies in California through the CEA. Is earthquake insurance worth it? "They believe that the government will step in if there’s a major catastrophe and the government is going to somehow magically compensate the public if something happens to their homes," Vander Zalm told CBC News Monday. If you don’t have earthquake coverage, your policy will likely pay no part of the earthquake deductible. CBC's Journalistic Standards and Practices. Condo policy limits can vary substantially for insurance deductible coverage. Best for High-Value Homes: PURE Insurance. The price is based on information from the Geological Survey of Canada combined with characteristics of individual properties. Earthquake insurance provides coverage for your home in the event that an earthquake causes damage to it. Habitat Insurance Agencies Ltd is not responsible for any legal disputes of this matter. add earthquake coverage to your condo policy, earthquake deductible on your business or house insurance, Small Business Insurance BC: FAQ from business owners in Vancouver. So if your home is worth $300,000, your deductible would be $60,000. Know that earthquake insurance doesn’t come with a standard flat rate deductible. Your house insurance or business policy may state $500 to $2,500 deductible for specific perils such as water damage. Earthquake deductibles are typically stated as a percentage of the total loss. homeowners assume that earthquake coverage is included in their house inaurance, or that governments will compensate them for damage, but neither is the case, For most B.C. It does not cover loss or damage caused by landslides, snowslides or other forms of earth movement; Nor does it cover loss or damage caused by tsunamis or tidal waves, even if the tsunami or tidal wave was caused by an earthquake. Less than half of Metro Vancouver residents have earthquake insurance. If you find out earthquake insurance is only $20 a … Available in BC: Earthquake Deductible Buyback Insurance, Web Development & Internet Marketing by Guaranteed SEO. But that is not the case. I've never read the fine print on earthquake coverage but as a home owner my property is my largest investment and liability so I choose to protect it. This type of insurance is separate from standard homeowners or renters insurance. You can purchase Earthquake Insurance in BC at any time during your existing insurance policy term. At Habitat Insurance, we believe that the main objective of insurance is to protect you from a devastating loss. Earthquake insurance covers loss or damage, above the deductible, caused by the tremor or shaking from an earthquake. Specific claims vary but consider the 2018 Anchorage earthquake in Alaska. Vancouver Island homeowners buy considerably more earthquake insurance than the rest of B.C., according to the Insurance Bureau of Canada (IBC). This type of earthquake could easily cause billions of dollars of damage to buildings and infrastructure. Depending on the policy, providers may have varying … Earthquake insurance: 8 things you need to know. Earthquake premium rates are on the rise: during the last 12 months, we have noted that many insurance companies have increased their premium rates and, with large losses such as those in New Zealand and Japan, this is a trend likely to continue. Just how likely is an earthquake to occur? To ensure your valuable assets are adequately protected, Reliance Insurance highly recommends adding an earthquake endorsement which will provide coverage for your home, personal belongings and your outbuildings. According to the Insurance Information Institute, this … Damage caused by an earthquake isn’t covered by a standard homeowners, renters or condo insurance policy. Box 500 Station A Toronto, ON Canada, M5W 1E6. Earthquake insurance does not cover damage to your vehicles. A California house insured for the same amount would have an annual premium of $865.
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