When natural disasters strike your Homeowners policy will not protect you. Get specialized policies to protect against Floods, Earthquakes and Fires.
Floods are considered an act of God, and as such they are not covered under a standard homeowners or renters policy. The National Flood Insurance Program provides insurance against floods. If you have a mortgage and live in an area designated as a high risk flood zone your lender will usually require you to take out Flood Insurance.
What does Personal Flood Insurance cover?
Personal Flood insurance can cover both buildings and contents, the NFIP policy provides up to $250,000 of coverage for buildings and $100,000 for contents. We also offer flood insurance from private insurance companies who provide up to $750,000 for buildings and $200,000 for the contents and Excess Flood cover which extends the limits up to $5,000,000 for buildings and $15,000,000 for contents.
What does Commercial Flood Insurance cover?
Commercial Flood insurance can cover both buildings and contents, the NFIP policy provides up to $500,000 of coverage for buildings and $500,000 for contents. Excess Flood cover is also available which extends the limits up to $5,000,000 for buildings and $15,000,000 for contents.
California is prone to Earthquakes and everyone here in Huntington Beach has probably felt several, in recent years we have not suffered any significant damage but the 'Big One' could strike at any moment. As California receives so many earthquakes and the potential for loss is so large Insurance companies will not cover them on standard Homeowner policies. To protect yourself you need to take out an Earthquake Insurance policy which is underwritten by the California Earthquake Authority.
California Earthquake Authority
The California Earthquake Authority is a non-profit organization created by the California legislature in 1996 to provide insurance coverage against Earthquakes for California residents. They provide coverage for both Property owners / Renters and Businesses.
What does Personal Earthquake Insurance Cover?
Personal Earthquake policies provide cover you physical home, your possessions inside it and provide protection from the expenses associated with temporary residency if your home became unlivable after an Earthquake.
What does Business Earthquake Insurance Cover?
Business Earthquake policies provide cover physical damage to the property you do business in, your businesses property (fixtures & fittings and inventory inside the building) and in instances it can also cover lost Business Income.
High Fire Risk Zone
Insurers do not provide fire coverage to homes deemed to be in a high fire risk zone. California has suffered major wildfires over the last few years and these fire risk zones have dramatically increased in size. If you find your home is now in a high fire zone you will need a seperate fire policy. These policies are provided by the California FAIR Plan which is a state mandated program that provides property insurance to people who are unable to obtain it from traditonal insurers due to circumstance out of their control.
Frequently Asked Questions
Do I really need Earthquake Insurance
California has a high earthquake risk, if you do not have an earthquake policy then you will be financially responsible for damages. Government disaster assistance, if available, provides a small grant or loan which might not cover the costs of your repairs.
Will Federal Disaster Assistance cover my flood damage?
Like Earthquakes disaster assistance for floods also comes in the form of a loan which must be paid back plus interest or a FEMA grant which is about $5,000 per household. In 2018 the average flood insurance claim was $40,000.