Do You Have Earthquake Insurance For Your Condo?
Does your condominium homeowners association (HOA) have a master insurance policy for earthquakes? A master policy would provide the condominium owners protection from earthquake damages and loss. If you have HOA earthquake insurance, you should be familiar with its deductibles, and what you are covered for in the event of an earthquake. The type of earthquake coverage for a condo or town home may include the following:
v The personal property inside your condo or town home v The unit owner’s additions and alterations to the dwelling. This may include floor and wall covering, plumbing, lighting fixtures, cabinets and appliances. v Coverage for additional living expenses if you have to live elsewhere while your house is being rebuilt. v Payment for upgrades to or demolition of your condo due to building ordinances. v Payment if you are assessed by your homeowners association for earthquake loss. In order to adequately insure your condo for earthquakes, it is important that you know which structural parts of your house are covered by your condominium association. The association is sometimes responsible for insuring each individual unit as they were originally built, and the individual owner would only be responsible for any alterations to the original structure, like remodels or improvements. Talking to your insurance professional will help clear up any gray areas there may be. The premiums and deductibles you will be responsible for will greatly depend on where you live, and whether your geographic location is prone to earthquakes, hurricanes, or other natural disasters. The prices and terms of the insurance vary widely from company to company, so it is beneficial to shop around. The devastation of the 1994 Northridge California earthquake along with recent discoveries of serious earthquake hazards in the Seattle, Washington region have caused insurance companies to set stricter guidelines on which homes and condos can even qualify to receive earthquake coverage, and in many cases the premiums for existing policies have more than doubled. California earthquake insurance policies are determined by your seismic risk. Depending on your exact location or zip code and your proximity to a major fault, the fair market value of your individual unit, whether there is a HOA master policy in existence, will dramatically affect your premiums and deductibles. Online quotes for California are generally not given, as most insurance companies prefer you to speak to an insurance agent so that you can receive an exact quote relative to your location. The City of Lakewood, which is considered earthquake country has dedicated a website to the education and preparedness of it’s residents. Information about earthquake insurance for condo owners and emergency preparedness is available for anyone who needs knowledge. |