by Guest » Thu Jan 12, 2012 04:00 pm
Can I be insured against earthquakes in a rental property? What will be the costs like? I live in Boston and I asked around and they have been telling me something about how rates are affected by CRESTA zones. Can you help me out?
Posted: Fri Jan 13, 2012 05:07 pm Post Subject:
Insurance companies classify earthquakes as an ‘act of God’ and therefore standard homeowners policies don’t cover earthquakes as well as floods. Most insurance companies will insure you against earthquakes if you purchase a separate ‘mini policy’. Mini policies are designed to cover the policyholder’s dwelling, that is, they will only cover you for “a roof over your head”. It does not cover non-essential parts of the home, like swimming pools and garages.
In the state of California you can buy more comprehensive earthquake coverage through any of the insurance companies affiliated to the California Earthquake Authority (CEA). CEA puts the annual average premium rate at a little over $707
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