Earthquake Deductible Buy Back Insurance
Did you know that earthquake deductibles can be as high as 15% of your property's value? With InsureBC's earthquake deductible insurance, you can be prepared for anything Mother Nature throws your way. Our coverage is designed to handle the unexpected and keep your finances secure.
Earthquake Deductible Buy-Back Insurance
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. Earthquake insurance cost varies based on location, risk, and coverage needs, with factors such as the type of home and coverage limits influencing the annual premiums. 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. Adding earthquake coverage can potentially increase your insurance premium, especially in earthquake-prone areas like British Columbia.
Has Your Earthquake Deductible Increased?
Did you know that in the event of an Earthquake, your Earthquake Deductible could be up to 15% of the value of your home or condo? 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. Earthquake insurance also covers additional living expenses if the policyholder is unable to live in their home while it's being repaired.
We are proud to be one of the few brokers in BC to offer Earthquake Deductible Buy-Back Coverage which enables you to ‘buy down’ your Earthquake deductible, in the event of a major earthquake.It is crucial to find an insurance provider that offers earthquake coverage to ensure you are protected against these specific risks.
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How Does Earthquake Deductible Buy Back Coverage Work?
This unique coverage is available to everyone who owns their own property. Earthquake insurance covers property damage caused by earthquakes. 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. In the event of earthquakes, there is an absence of government financial aid, making reliance on private earthquake insurance essential.
Frequently asked Questions
Does home insurance include earthquake coverage?
Earthquake insurance is not included automatically, rather it is an optional coverage that we recommend be added to your policy. It covers the cost of rebuilding your property and replacing your belongings that were damaged in an earthquake. The insurance cover includes loss or damage to the building and personal property, additional living expenses, and related exclusions like landslides, tsunamis, or other forms of earth movement. The policy also covers extra living expenses should you need to temporarily reside somewhere else while your place is being repaired. It does not cover fires or floods that happen as an after effect of the earthquake. Most policies have a percentage deductible rather than a fixed dollar amount, meaning you will be responsible for a percentage of the damage, which can be quite high. Most policies start at 5%, however some insurers may require you to pay between 15-20% deductible. Let’s put this into perspective. If your earthquake coverage limit on your base policy is $300,000 and your deductible is 15%, you would be responsible for $45,000 before the insurance company would pay the rest. In a condo, your strata might require a similar amount. To combat this, we have a Buy-Back option which enables you to “buy down” or lower your deductible in the event of a major earthquake. This unique coverage is available to anyone who owns their own property with basic earthquake coverage added onto their primary policy. Depending on your situation, this extra coverage can cost as little as $20 per month.
Looking to File a Claim?
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