Without earthquake insurance you are paying two monthly payments – for your mortgage and temporary housing. Do you have assets beyond your home that your mortgage holder could go after? In the event your home is destroyed or uninhabitable, your mortgage payment is still due every month.
Would purchasing earthquake insurance mean you would need to cut back on necessities in life? If purchasing earthquake insurance means you would have trouble feeding your family or paying for healthcare, it might not be right for you at this time.The United States Geological Service says that there is a 72% chance of a 6.7 or greater earthquake occurring in the San Francisco region between 20. The means 90% of Californians are not insuring themselves against an event that scientists say has a high probability of occurring. What is your risk tolerance? At last count, only 10% of Californians have earthquake insurance.With the increases in home values since the 2008 economic crisis, many have a great deal of equity in their home that they may choose to protect with earthquake insurance. How much equity do you have in your home? If an earthquake hit tomorrow and your home were destroyed, it would not be covered by your regular homeowner’s insurance unless it were impacted by a secondary cause such as fire instead of earth movement.
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