Learn how to update your Earthquake policies to ensure adequate coverage.

When a devastating earthquake strikes, your customers expect adequate coverage to repair or rebuild their home.

Together, we can prevent a growing number of homeowners who are underinsured for natural disasters, and protect your E&O from underinsured losses.

It's easy to update all your Earthquake policies.

We need your help to update the Homeowners policy information for all of your earthquake customers.
With catastrophes on the rise, it is critical that we have the Coverage A Dwelling limit from the current Homeowners insurance policy to provide adequate protection in case a catastrophe strikes, and also to protect your E&O from underinsured losses.

Play Video about Update Earthquake Coverage

Watch this 1 minute video to see how easy it is!

Follow these steps to update your Earthquake policies:

Start by logging in at myGeoSource.
Then click the Policies tab to see a list of your earthquake policies. Click on a policy to open it.
Then, click on the Policy Information menu and choose policy details.
On the policy details screen, look for the companion insurance policy information section, and click the update button.
Choose an effective date and click continue.
Enter the Coverage A Dwelling limit from the current homeowners insurance policy,then enter the Homeowners company name and policy effective year, and click save and continue.
In most cases, you can use the premium calculator to view coverage and deductible options.
You can review coverage and premium changes before submitting your update.
Click Submit changes.

It’s that easy to review and update coverage for all of your Earthquake customers.

Learn How Earthquake Insurance Coverage is Calculated.

See how we use the Homeowners Coverage A Dwelling Limit amount to calculate adequate Earthquake insurance coverage for all Earthquake insurance products.

Quake Select & Flex Limits Earthquake Dwelling:

To calculate your earthquake policy limit for your dwelling, we match your Coverage A Dwelling limit amount that you provide from your current Homeowners insurance policy. You can increase your Earthquake Coverage limit to account for demand surge that occurs in the price of labor and materials after an earthquake.

SAMPLE POLICYHOLDER LETTERS

Ahead of renewal, your policyholders will receive a letter from GeoVera or Coastal Select that will provide guidance to review and update their policy. Here are the sample letters:

Please review the Homeowners Coverage A limit that we have for you, and submit changes.

We do not have your Homeowners Coverage A limit, please provide it.

Single Limit Earthquake Insurance:

The Single Limit for a Comprehensive policy offers protection for your dwelling, personal property, other structures, and additional living expenses. We calculate the replacement cost for the dwelling and compare it to the Homeowner Limit on file. The higher of the two limits is then increased by 20% for demand surge to account for a change in the price of materials and labor that occurs after a catastrophic event. This limit is then increased to provide coverages for personal property, other structures, and loss of use. The Single Limit is comparable to the sum of coverages A through D without the 20% increase.

The Single Limit offers greater flexibility at the time of loss by allowing you to use your coverage as you need it most, rather than individual limits and separate deductibles by coverage.

The example here illustrates how the Single Limit is calculated based on a dwelling replacement cost or a Homeowners coverage limit of $500,000.

Split Limits Earthquake Insurance:

Coverage A Limit for a Premier EQ Protector policy is calculated using the dwelling replacement cost or the Homeowner Limit on file, whichever is higher, and increase it by 20% for demand surge to account for a change in the price of materials and labor that occurs after a catastrophic event.

The example here illustrates how Coverage A is calculated based on a dwelling replacement cost, or Homeowners Coverage A limit of $500,000.