Homeowners insurance generally does not cover earthquakes. Therefore, as a California homeowner, you must have earthquake insurance if your property is to be fully protected. On average in California, earthquake insurance costs $3.54 for every $1,000 of insurance coverage. This means that to insure your single-family home at a replacement cost of $600,000, you will pay an annual premium of $2,124. In general, premiums can be as high as $15 or as low as 10 cents per $1,000 of coverage, depending on factors such as the likelihood of the policyholder filing a claim and the insurance company. read on for more information.
earthquake insurance rates in california by city
each year, california is typically hit by 2-3 earthquakes that are large enough (at least magnitude 5.5) to cause damage to structures. earthquakes can occur at any time during the year. earthquake insurance premiums vary by location. The closer your property is to fault lines, the higher your rates, reflecting the greater exposure to earthquake damage and the resulting higher cost of protecting your assets. The average costs of earthquake insurance, per thousand dollars of insurance coverage, in the state of California, are:
- $6.47 in lameda
- $3.41 at Big Bear Lake
- $4.21 in burbank
- $5.82 in calexico
- 3.04 in cool view
- $3.65 in crown
- $2.46 in light oak
- $3.73 in the fair field
- $2.47 in ash – union biola
- $3.22 in irvine
- $2.54 at lake tahoe
- $4.11 in long beach
- $2.74 old quest
- $2.51 in modest – dry creek
- $2.91 in Monterrey
- $3.06 in nappa
- $2.71 step oaks
- $2.90 in san diego
- $4.58 in san francisco – nope hill
- $4.43 in san jose
- $4.16 in San Mateo
- $3.31 in santa barbara
- $4.31 in Santa Clara
- $3.23 in santa cruz
- $3.45 at simivalley
- $3.41 temecula
- $2.95 twenty nine palms
- $3.37 west hollywood
- $2.47 yuba city
los angeles residents living in silver lake, el sereno and echo park tend to pay lower rates, while residents of west los angeles, culver city and mar vista pay higher rates. According to the United States Geological Survey, there is a 60 percent chance that Los Angeles will experience an earthquake of no less than 6.7 magnitudes in the next 30 years.
in san diego, earthquake insurance costs between $2.90 and $3.09 per $1,000 of coverage. There is a 75 percent chance that at least one magnitude 7.0 earthquake will hit San Diego in the next three decades. The California Earthquake Authority estimates that such an earthquake will affect up to 45 percent of residential buildings.
in francisco, the cost of earthquake insurance ranges from $4.08 to $4.58 for every $1,000 of coverage. Mission residents generally pay higher rates, while Nob Hill residents pay lower rates. In the next three decades, there is a 72 percent chance that an earthquake of no less than magnitude 6.7 will strike San Francisco.
How much does earthquake insurance cost per insurer?
The cost of earthquake insurance from the insurer ranges from 10 cents to $15 for every $1,000 of insurance coverage. therefore, it is important to compare quotes from multiple insurers.
frequently asked questions
How much earthquake insurance should I buy?
The amount of earthquake insurance you should get should depend on the replacement cost of your home, which is listed in your homeowners insurance policy.
what is the deductible of the earthquake insurance policy?
earthquake insurance deductible typically ranges from 10 to 20 percent of the coverage amount.
how to get the right earthquake insurance policy?
To obtain earthquake insurance in California that adequately protects your home, contact our agents at Jack Stone Insurance Agency today.