Many people assume a homeowners insurance policy will cover damage caused by earthquakes, but that isn’t usually true.
You would need optional earthquake insurance coverage to help with major expenses like:
The cost of earthquake insurance coverage varies significantly — it all depends on your area’s level of risk. Earthquake insurance premiums can be relatively inexpensive if you live where earthquakes are rare, and relatively expensive where they happen more frequently.
Farmers offers earthquake insurance for homeowners and renters. Your Farmers agent can review your current coverage to help you determine whether your home or apartment is protected the way you want and tell you how much it would cost to add earthquake coverage to your policy.
In California, where earthquake insurance is issued by the California Earthquake Authority (CEA), you can purchase this coverage through a Farmers agent. If you live in other states, your agent can discuss earthquake insurance options so you can select the coverage that you want.
"We had all the stuff you can't replace in the basement: photos, books, marathon medals," he says. "In 15 minutes, water filled the basement to the ceiling."