Recent earthquake activity in BC underscores how seismically active the earth is on the west coast. You may have heard that our coastal area is part of a global Ring of Fire that originates somewhere near the Philippines, runs up through Japan, across the Bering Sea and down to the tip of South America.
Without having earthquake coverage, you could find yourself in a financially disastrous situation. If your house or business is badly shaken and you didn’t have earthquake insurance, then you could fully bear the cost of repairs and rebuilding. Contents can also be included in your coverage to protect you against damage to them caused by collapsing walls or ceilings.
If a large earthquake occurs, our infrastructure will also be affected. This will not only include the obvious bridges and roads but also the hidden items such as water, sewer and gas and other service lines. In a mass emergency you may not be allowed to return to your home or may be ordered out by civil authorities until some degree of normalcy is restored. This could take days or even months. Most insurance policies include additional living expenses that allow you to continue to live as normally as possible while your loss is being restored. Without the coverage of earthquake, you would be responsible for your own additional living expenses.
All earthquake coverage carries a deductible that is separate from your main insurance policy. This is based on a percentage on the value of the building and/or contents. This amount can easily be in the tens of thousands of dollars that few people can afford to pay. We have a solution to that.
Our brokerage can, for a small annual premium, reduce your earthquake deductible to as low as $1,000. This unique product has been very popular with our clients since it allows them protect themselves with a reasonable deductible.
We’re here to help advise you and we are more than happy to discuss your insurance needs.
