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If you a home in California, Oregon, or Washington, you likely need earthquake insurance. Here's why:

• The U.S. Geological Survey is the most reliable and authoritative source on earthquake risk in the United States, and the USGS indicates that California, Oregon, and Washington is at high risk of experiencing a devastating earthquake.
• Your standard Homeowners insurance policy does not provide coverage for earthquake damage.
•  You are relying on your growing home equity to fund your retirement, and can't afford to experience a total loss that is not insured.

A typical Homeowners insurance policy will not provide coverage for earthquake damage. In fact, most Homeowners insurance policies will clearly state that earthquake coverage is excluded from the policy. Sometimes, you can add a separate endorsement to your policy that provides coverage for earthquake damage. Even if your Homeowners insurance company offers an endorsement for earthquake coverage, you should compare this coverage to a policy offered by a private  provider that specializes in earthquake insurance.

The answer is no. FEMA cannot make you whole again if you experience a loss due to a natural disaster. For this reason, FEMA strongly encourages you to purchase earthquake insurance to protect your home equity, because "Earthquakes Can Drain Your Bank Account".

FEMA disaster assistance covers basic needs only and will not compensate you for your entire loss.

Consider the following two homeowners - both own the same style home with the dwelling valued at $500k, and both experience a total loss due to an earthquake.

Homeowner A will likely lose all of their home equity, and will still owe on a mortgage:

• Homeowner A does not have earthquake insurance, so they apply for FEMA assistance. After a lengthy approval process, FEMA provides a small grant for temporary lodging because the dwelling is unlivable. 
• Expenses for repairs exceed the conditions to make the home safe, sanitary and functional and, therefore the homeowner is ineligible to receive FEMA assistance for repairs.
• Homeowner A might be eligible for a SBA loan for $250k, but this likely won't be enough to rebuild, and must be repaid, on top of the current mortgage.

Homeowner B will likely save all of their home equity, and enjoy continued growth:

• Homeowner B has a full coverage earthquake insurance policy and  immediately files a claim with their earthquake insurance provider. The claims process is fast, and the homeowner receives temporary living expenses while their home is rebuilt.
• The dwelling and other structures will be fully rebuilt, all personal property will be replaced, and this homeowner won't need to worry about the increased construction costs that come with demand surge after a catastrophe.
• Homeowner B will not only recover their home equity, but will likely enjoy an increased value that often occurs when the local housing market becomes distressed after a disaster.

The annual premium for an earthquake insurance policy is far more cost effective than losing all of your home equity, if you consider a total loss situation.

If you have a lot of equity in your home, and you can't afford to lose it all at once, then an earthquake insurance policy can be an affordable way to protect your investment.

You'll find that budgeting for earthquake insurance into the annual cost of owning a home, along with Homeowners insurance, Flood insurance and other maintenance and repairs, makes it easier to manage.

With flexible coverage limits, a broad range of deductibles and several payment plans to choose from, you can find protection at a price you can afford.

1. Your home's location
2. Your property characteristics
3. Your coverage limits
4. Your deductible

Get an earthquake insurance quote for your home in less than minute. You only need to provide your property address and Homeowners Coverage A Dwelling amount to get a price that you can further customize.

The earthquake insurance deductible is a percentage of the coverage limit, and is the portion of the claim that the homeowner is responsible for.

For example, if you experience a total loss, and your home is insured for $500k with a 10% deductible, your policy will pay out $450k.

In the past, earthquake deductibles were historically high. These days, there are more options available to homeowners. Some specialty providers like Coastal Select and GeoVera Insurance Company offer a broad range of deductible options from 2.5% - 25%. This allows you flexibility to purchase coverage that fits your needs and your budget.

There are 2 ways you or your agent can purchase earthquake insurance:

1. Through the California Earthquake Authority, if your current homeowners insurance provider is a participating member.
2. From a specialty stand-alone earthquake insurance provider, like GeoVera Insurance Company or Coastal Select.

In 1996, the California Legislature created the California Earthquake Authority (CEA)—a not-for-profit, publicly managed, privately funded entity.

The CEA offers earthquake insurance policies exclusively through select Homeowners insurance companies. If you do not have a Homeowners insurance policy with a CEA participating company, then you cannot purchase earthquake insurance from the CEA.

• How fast and easy is it to get a quote? Get an earthquake insurance quote in less than 30 seconds with QuakeInsurance by GeoVera.
• Can you customize your quote and purchase online? The myGeoSource platform for quoting earthquake is known for its ease of use.
• Does the provider offer convenient payment plans? GeoVera Insurance and Coastal Select have several pay plans to choose from.
• Does the provider offer auto pay? GeoVera Insurance and Coastal Select do!
• Does the provider offer mobile-friendly policy access? Of course, GeoVera Insurance and Coastal Select do.
• How long have these carriers offered earthquake insurance? They began providing earthquake insurance to California Homeowners in 1997.
• Does the provider have catastrophic claims paying experience? The GeoVera claims team has extensive experience managing catastrophic and large loss claims. Learn more about GeoVera claims here.

A.M. Best Company is a credit rating agency, and is considered the most reliable and authoritative source on financial ratings for insurance companies.

You want to look for insurance providers that have a high A.M. Best Rating.

GeoVera Insurance and Coastal Select are rated "A" (Excellent). Learn more about our A.M. Best rating here.

If you have a policy that is serviced by either GeoVera Insurance or Coastal Select, your claim will be processed quickly. They are experts at managing large catastrophic claims, and know how important it is to get you money fast, during your time of greatest need. 

That's why GeoVera invests heavily in technology that allows us to make fast and accurate digital payments. You'll want GeoVera on your side when the next earthquake strikes.

A Single Limit earthquake policy is designed to make things simple with its all-in-one inclusive limit - meaning that the limits for coverages A through F are combined into one single limit.

When a claim occurs, your deductible will apply to the Single Limit, and you will receive a single amount to distribute as you need at the time of an earthquake claim.

Learn more about GeoVera's Single Limit earthquake insurance policy here.