Earthquake Deductible Buyback InsuranceOctober 6th, 2015 | in Earthquake
So, you’ve made the right decision to carry earthquake insurance but the deductible is over $25,000. How can you afford to use it if you need to?This is a common question we are asked when someone is considering purchasing earthquake insurance. Fortunately, we have the solution and it’s less expensive than you may think!
To give you a quick example:
A home with an insured value of $500,000 and a 10% earthquake deductible could have a deductible in the area of $100,000. Most people either don’t have $100,000 sitting around or they’d rather spend it on something other than on a deductible. So, what can I do to protect myself?
At Fraser Heights Insurance we have a unique product that is exclusive to the InsureBC group of companies. Below, are 3 options that we have which would cover your deductible costs associated with an earthquake and you would only need to pay the $1,000 deductible.
Purchase $50,000 of deductible coverage for an annual premium of $120 with a $1,000 deductible.
- Condo unit owners
- Small retail business operations
Option # 2
Purchase $100,000 of deductible coverage for an annual premium of $240 with a $1,000 deductible
- Smaller homes
- Small business operations
Purchase $200,000 of deductible coverage for an annual premium of $480 with a $1,000 deductible
- Million dollar homes
- Larger commercial risks
When we do get the “BIG ONE” will you be someone scrambling to find an extra $50,000 or more or will you protect yourself from financial hardship by having this product? Please contact our office to see what we can offer and learn more about this new coverage.
This coverage cannot be sold standalone and must be purchased in conjunction with your property insurance through our office.
**You must carry earthquake insurance on your policy in order to purchase this product**