What is Earthquake coverage?
Earthquake is a peril that is not normally included in any type of home insurance policy. Earthquake coverage may be purchased separately as an add-on to your policy, and it is subject to a higher deductible than coverage for other perils. With a higher deductible the cost is spread out, and more people who need it are able to afford it. In the next 50 years there is a 30% chance of a significant earthquake in the province of British Columbia. Toole Peet Insurance clients in Alberta will consider that while an earthquake is less likely, it is still possible and it it good to know what coverage is available for this type of event. In January of 2018 residents of Lac. St Anne Alberta were woken in the night to a loud sound on their roof. The next day it was confirmed that there were two seismic events of 2.0 magnitude. There was significant damage to the foundations of several homes from this event.
What to Consider
Earthquakes do not occur as frequently as other disasters however they can cause tremendous damage to homes and property. Earthquakes are not seasonal and can happen at any time without warning. The costs for Earthquake damage has increased over recent years due to more urban development and older structures that would not be built to withstand an earthquake. The cost and coverage availability will be dependent on the location of your home and how it is built. You will also need to consider how the insurance carrier you deal with defines earthquake and what and what it covers exactly. Your Toole Peet Insurance Broker is here to help you understand your policy and coverage. If you have questions about your current coverage for Earthquake or are interested in adding this to your policy, complete the form to the right or call us today.
Insurer Earthquake coverage definition by carrier
The definition of earthquake or availability of coverage can vary by carrier. Some of the details are listed below, for some of the Insurers that Toole Peet has access to. For full details of the coverage or availability complete the form to the right or contact us today for more information. Earthquake is a separate rider that is added to your policy at your request and should be reviewed as with any coverage it will have exclusions, limitations and warranties that can affect your coverage or result in no coverage at all. Please contact your Broker with any questions about Earthquake coverage
Earthquake insurance covers the loss or damage caused to the property (Dwelling Building, Detached Private Structures, Personal Property and Additional Living Expense) against direct physical loss or physical damage caused by earthquake shock at the location of your dwelling (this includes snow slide, landslide, volcanic eruption and other earth movements occurring at the same time as and directly resulting from an earthquake).
Earthquake insurance covers the loss or damage caused to the property (dwelling building) against loss or damage caused directly by the peril of earthquake (this includes snow slide, landslide or other earth movements occurring concurrently with and directly resulting from an earthquake shock).
Earthquake insurance covers the loss or damage caused to the property against loss or damage caused directly by the peril of earthquake (this includes snow slide, landslide, or other earth movements occurring concurrently with and resulting from an earthquake shock.
Earthquake coverage is currently not available in Alberta at this time.
Earthquake endorsement covers the loss or damage caused to the property (dwelling building, additional buildings, personal property and additional living expense) against direct physical loss or damage caused by earthquake shock.
The property covered by this Rider is insured against direct loss or damage caused by earthquake (this includes landslide and other earth movements, occurring concurrently with and directly resulting from an earthquake shock).