Earthquake insurance Sausalito
Earthquakes can cause a phenomenal amount of property damage. Often accompanied by floods and fires, homeowners face huge financial worries if a big quake strikes. California is a hotbed of seismic activity, and while San Francisco is a known high-risk area, most Sausalito residents do not have earthquake insurance.
The Wall Street Journal reports an increased interest in earthquake coverage since the Aug. 24 disaster in Napa Valley. With a magnitude of 6.0, property damage is estimated at over $1 Billion. There is little support for affected homeowners, who are left to deal with the financial implications on their own – as well as the escalating problems caused by lingering water, fire and smoke residues. If this applies to you, call Allied Restoration Company on 415-529-5637 to prevent further damage from occurring.
How Many People Purchase Earthquake Insurance?
Across the U.S., less people are investing in earthquake insurance than in previous years. California has the highest number of policies against such an event, with 12 percent of homeowners currently insured throughout the state. When one thinks of the absolute devastation an earthquake can cause, most homeowners in Sausalito will be without aid.
Why Is Earthquake Insurance so Expensive?
Under standard homeowners insurance, earthquake cover is excluded and must be purchased as a separate policy. Due to the difficulty of calculating potential earthquake damage, these policies are extremely expensive. Not only do insurers need to value structural damage to the property, they must also consider valuables inside the residence.
Within the next three decades, it is likely that a massive earthquake, with a magnitude of at least 6.7, will strike the San Francisco Bay area again. According to the Insurance Information Institute, the U.S. Geological Survey predicts a 70 percent probability, with Southern California being the most vulnerable.
While most people in Sausalito cringe at the added price of earthquake insurance, those that have it breathe a sigh of relief when the aftershocks fade. Living in an area susceptible to seismic tremors poses great risk to property investors, and the choice to insure against earthquakes is a personal one that must be considered wisely.
It is advisable to know how structurally vulnerable your property is to a thorough shaking, and whether floods and fires are causes for concern during an earthquake. Allied Restoration Company is available for valuable advice; as well as how to prevent irreparable property damage in Sausalito, should such a situation suddenly arise. Contact us on 415-529-5637.