West Hollywood Earthquake Insurance
Many of us, homeowners, condominium unit owners and renters alike do not give much thought to the purchase of a personal Earthquake insurance policy until we hear on the morning television news or on the radio of an earthquake that has occurred. Even then if it does not directly affect your property your thoughts move on to more immediate matters. The Northridge earthquake that occurred on January 17, 1994 left everyone running to buy a personal earthquake insurance policy to protect their home, condominium unit and even apartments they were renting. That was not the time to rush out to buy personal earthquake insurance. Once an earthquake occurs the insurance companies will place a moratorium on the purchase of a policy for a set period of time. This means you cannot buy the coverage while we are in aftershocks which have the potential to cause additional damage to property.
What is Covered in Earthquake Insurance?
Let’s discuss the coverage, I think its the most valuable part of a personal earthquake insurance policy and that is your loss of use of your home or condominium unit or apartment unit. Where do you go if your property has been inspected and red tagged not allowing you entry back into it for an indefinite period of time? So many consumers are not aware that under this section of your personal earthquake insurance policy your deductible will not apply. Sometimes I think that because of the large percentage deductibles that are applicable to personal earthquake insurance policies it is a deterrent for the consumer to purchase the insurance. They feel their loss would not exceed the deductible. Let me tell you why I will always have earthquake insurance.
At the time of the Northridge earthquake I was living in Northridge in a townhome I purchased some years before. The building was fairly new, built in 1984 and it was retro-fitted which did help reduce the damage to my personal property and interior walls. Still my television beat a hasty retreat into the front yard of the front unit I owned and my charming plant filled patio disappeared into my lower level garage. My glass sliding doors ceased to exist. All three toilets cracked in half. My building was red tagged. I had about an hour to get out of it and stay out of it until it was inspected and deemed safe for me to go back.
This ousting stretched into a little more than two weeks. That does not seem like a very long time but when you are out of your house for more than two weeks it is a life time. It can be especially long it you are staying with a friend or a relative because you did not have a personal earthquake insurance policy in place. If that scenario does not make you run to your nearest professional insurance agent to purchase a policy today I don’t know what will.
Who needs Earthquake Insurance?
You have to live somewhere which usually means you are living in a hotel or motel. Even if you are lucky enough to have a relationship that could sustain you as a guest at a friend or relative’s home you will have to eat and do your laundry and maybe buy personal products you were forced to leave at home. You might have a pet that needs a place to stay so now you will be paying a little more to reside where your pet can reside with you. In that short period of time I spent over $3,300 in lodging and food.
I did have personal earthquake insurance. My insurance company advanced me money for food and necessary items. The hotel I stayed in took my insurance information and billed my company direct. Knowing that I had insurance to foot their bill I was probably given priority over the limited number of available rooms. The point is that I was comfortable and not terribly inconvenienced.
You will have to settle with your company for those claims you have that are subject to your 10% or 15% deductible which applies to your limits of insurance not to the amount of your claim. Only the experienced professional insurance agents at EZ Center Insurance Services will be able to help you assess your particular needs and buy the best policy. Don’t wait for the “big one” – call us now.