Who Should Consider a Single Limit Earthquake Policy?
When selling Earthquake insurance, the discussion includes the multiple options available for the level of coverage desired. These policies present a unique and valuable solution for certain types of homeowners and renters. But, who exactly is in the market for Single Limit Earthquake policies?
The Ideal Candidate for a Single Limit Policy
There’s no one-size-fits-all answer here, but certain characteristics tend to make homeowners or renters more inclined towards these policies. Generally, these individuals:
- Desire comprehensive coverage: They value a policy that encompasses limits for dwelling, other structures, personal property, and loss of use in one umbrella with one deductible.
- Are more risk-averse: They prefer to mitigate potential risks related to their properties.
- Possess substantial equity in their home: This type of homeowner sees the value in securing their significant and often single-largest investment.
- Are near or planning for retirement: As these individuals seek stability for their golden years, Single Limit policies provide comprehensive, worry-free coverage.
- Are willing to pay more for peace of mind: These individuals view the higher cost of Single Limit policies as a worthwhile investment for increased security.
Advantages of Single Limit Earthquake Policies
Single Limit policies include considerations for increased costs following a natural disaster, like a surge in demand for contractors or building materials. What sets it apart is that there’s no limitation on how the coverage will be allocated per line, providing the flexibility to use coverage where it’s needed most.
To discover if a Single Limit policy is right for your clients, visit myGeoSource.com for a quote. Or learn more at our Earthquake Agent Resource Center.
Not Every Shoe Fits: The GeoVera Flexible Limits Product
Single Limit policies may not be suitable for everyone. In this case, the GeoVera Flexible Limits product (known as Quake Select in Oregon and Washington) provides a customizable option. This policy can be tailored for limits and deductibles to best suit each client’s needs. For instance, the policyholder can choose to cover only the dwelling and loss of use, while opting out of insuring other structures or personal property. Learn more at our Earthquake Agent Resource Center.
