And with the activity we have seen in recent days, it’s not a matter of if, but when. Being prepared for your financial challenges will make a difference if the big one hits. Ultimately, Californians need to be proactive in their earthquake planning for their finances. Sheer panels and foundation bolting are relatively inexpensive enhancements you can make instead of, or in addition to, buying earthquake insurance,” advises Bach. “If you don't feel you can assess your property's risk on your own, get a structural engineer out to advise you. For many Californians it would be a good idea to speak with your insurance agent or broker to understand where your coverage risks are before disaster strikes.įurther, Californians can take some proactive steps by understanding the risks their properties face by looking at your home construction and the soil you have built on. The one exception to this is that in the event the earthquake causes a fire, your homeowner’s policy will cover that damage. However, if Californians do not have earthquake coverage, they need to be aware that most earthquake damage is excluded from their homeowner’s policy. For most people that makes the purchase a non-starter in light of the typical $2,000 plus price tag on top of your home insurance.” “The typical 15% deductible means your home needs to sustain A LOT ($100,000 plus) of damage before you collect benefits. “Earthquake insurance remains a tough sell,” says Bach. Unfortunately, when seismic activity starts, obtaining earthquake coverage is not always possible.īut all is not lost if a homeowner doesn’t have earthquake coverage. Hang objects from closed hooks and secure corners with earthquake putty. Using heavy-duty adhesive is another option to stop furniture from moving around. Before an earthquake occurs: Prepare for three to seven days of electricity. Many Californians may also be considering earthquake insurance, which typically provides three types of coverage: dwelling coverage, personal property coverage and loss of use. Quake putty is also known as museum putty, and it’s easy to put it on the base of furniture to help secure it. Having detailed records will help ensure you are able to get an accurate settlement on any claims you file. Secure breakable valuables with quake putty or straps to minimize damage to artwork and flat screen TVs.” “Save the file where you'll be able to access it. “United Policyholders recommends walking around the inside and outside of your home and making a video with your cell phone or camera, describing your home and possessions as you go,” says Bach. That’s where taking the time to inventory your home and property can be key. In the event of a loss, Californians must to be able to provide details to be properly compensated by insurance companies.
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