What is earthquake insurance?
Earthquake insurance is a type of insurance policy that helps protect homeowners and business owners from financial losses caused by earthquakes. It typically covers damage to the structure of the home or business, as well as personal property damage and loss of use. Many standard homeowners and condo insurance policies do not cover earthquake damage, so it is important to check with your insurer to see if you are adequately covered.
Can you get Earthquake Coverage for your Condo?
Yes, you can get an individual earthquake insurance policy for your Condo. We write earthquake insurance policies for individual condo owners.Â
Does the HOA Master Policy Provide Earthquake Coverage?
Homeowners Associations (HOAs) are responsible for maintaining the property they manage. This includes keeping the buildings and common areas insured. But what happens when an earthquake strikes and the damage isn’t covered by the HOA master policy?
Most HOAs purchase a “blanket policy” or “master policy that covers all of the properties in their association. These policies typically DO NOT include earthquake coverage. If they do, the amount of coverage may not be enough to cover all of the damage caused by a major earthquake.
The best way to find out if your HOA has adequate earthquake coverage is to ask them for a copy of their insurance policy. If you’re not satisfied with the amount of coverage, you can purchase additional insurance to protect your home and belongings.
Do you need Earthquake Insurance for a condo?
As a condo owner, you may be wondering if you need to purchase earthquake insurance. After all, earthquakes can cause a lot of damage and can be very expensive to repair.
An HO-6 policy is an individual unit owner’s policy and does not provide dwelling coverage. So, if you have an HO-6 policy, it will not cover earthquake damage to your condo unit.
Here are a few things to consider when deciding if you need earthquake insurance for your Condo:
– The location of your Condo. If you live in an area that is prone to earthquakes, then it is probably a good idea to get earthquake insurance. Most Utahns live on or close to the Wasatch fault line.
– The age and condition of your Condo. If your Condo is old or in poor condition, it will likely be more vulnerable to damage during an earthquake.
– The amount of coverage you need. You should determine how much coverage you need based on the replacement cost of your Condo and the cost of repairs.
What does Earthquake Insurance cover?
Earthquake insurance policies generally cover damage to a home as well as its contents. There is often coverage for loss of use. Most policies may include coverage for damage caused by landslides, mudslides, or sinkholes.
Policies typically have a separate deductible for earthquake damage than for other types of disasters, such as windstorms. The size of the deductible is often based on a percentage of the insured value of the structure.
How much does it cost?
An earthquake insurance policy for your Condo in Utah will typically cost between $250 and $600. There are many factors that will affect the price that you pay. Working with a local independent insurance agent will help you find the right policy and coverage for you.
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Buying Earthquake Insurance for a Condominium
If you live in an earthquake-prone area and own a condo, it’s important to have earthquake insurance. Here’s how to get a policy:
1. Call Inside Insurance at 801-505-4300 to speak with a local independent insurance agent.
2. Tell the agent that you’re interested in earthquake insurance for your Condo.
3. The agent will ask you some questions about your Condo and your coverage needs.
4. Once they have all the information they need, the agent will provide you with a quote for a policy.
5. If you’re happy with the price and coverage, you can purchase the policy right then and there.
6. If you have any questions about the policy, be sure to ask before you purchase it so that there are no surprises later on.
In conclusion, if you live in a condo, it is important to check with your insurance policy to see if you are covered in the event of an earthquake. Even if you are not currently covered, there are options available to help protect your home and belongings. If an earthquake does occur, being prepared can help minimize the damage and make the recovery process easier.
Inside insurance was founded on the principle of Integrity (doing the right thing, even if no one is watching). We pride ourselves on putting our client’s needs first. Providing the most appropriate coverage is our first priority. As an Independent agency, we are able to provide our clients with the best insurance products available to suit their needs, and then match them with the best price available. We want to be your Agency for life and we strive to blow your socks off with our service to earn your trust in referring your family and friends.
