What is covered under earthquake insurance?
You receive protection for loss or damage to your personal belongings that are caused by the earth-shaking. You are also protected against other perils and destruction caused by an earthquake, such as a fire. If your house is not inhabitable, you will receive additional living expenses to cover accommodations while your house is being repaired.
Policies differ based on your provider. Make sure you are clear about what is included in your plan. If there is a coverage gap, you will want to know about them. Always get clarification when adding new protection to your plan.
What is not covered by earthquake insurance?
Your policy will not typically cover you for other weather-related or damage caused by acts like earthquakes. For example, you will not have protection from landslides and other types of land movement. Your plan will also not cover tidal waves or tsunamis. These are exclusions.
How much does earthquake insurance cost?
The cost of earthquake insurance premiums is largely based on your location and the risk of one occurring. The greater the threat, the more you will pay. The cost for a plan will be a lot more in Vancouver than in Toronto or other low danger locations. Expect $500 or more for premiums if you live in a seismic area and as little as $25 per year if you live in a region where earthquakes are rare. Expect a high deductible.
Compare earthquake insurance quotes to get an accurate estimate of how much it will cost to add this protection to your current or new policy.