There are nearly 5,000 recorded earthquakes in Canada each year. According to the Insurance Bureau of Canada, there is a 30% chance that the big one will hit somewhere in Canada within the next 50 years, most likely along the west coast. In its simplest form, Earthquake insurance in Canada covers the loss or damage caused to the property and its contents caused by the shaking of the earth. Earthquake coverage may be purchased separately as an add-on to your home, or condo policy, and it is subject to a higher deductible than coverage for other items.
Earthquake Deductible Buyback
Did you know that in the event of an Earthquake, your Earthquake Deductible could be up to 15% of the value of your home? Depending on that value, it could cost you $50,000, $80,000 or even more to cover earthquake damage. And you would be responsible for that entire amount.
As one of only a few brokers situated in BC, we are proud to offer Earthquake Deductible Buy-Back Coverage which enables you to ‘buy-down’ your Earthquake deductible to a mere $1,000, in the event of a major earthquake.
Does Buying Down the deductible on your Earthquake Insurance make sense?
This unique coverage is available to everyone who owns their own property. In order to qualify for this specialized coverage, clients must carry Earthquake coverage on their primary condo or home insurance policy. We have made this process extremely simple. All you need to do is complete the below form to obtain your quote today.
Does earthquake insurance also cover tsunami damage? Since most Canadian insurance companies do not offer it, it’s a question best suited for one of our licensed professionals. But, since the earthquake deductible is often higher than many people can afford, InsureBC has come up with a product that allows you to buy down your Earthquake deductible.
How much does Earthquake Deductible Buyback Coverage cost in British Columbia?
Depending on the value of your home, our Earthquake deductible buy-back product can cost as little as $10/month. That’s correct, you can have this coverage in place for the price of 3 cups of coffee. As this is an InsureBC product, any of our 90 locations are able to sell this coverage. If you feel like getting the process started from the comfort of your home, you can request the policy yourself by completing our online quote form.