Before you get coverage for a quake, you need to know how Hayward Fault Line earthquake insurance deductibles work.
Running along the base of the hills on the east side of San Francisco, there’s a 74-mile fault zone. Known as the Hayward Fault Line, this geologically unstable area stretches through a number of populated areas. If you live in this area, there are some things you need to know about Hayward Fault Line earthquake insurance deductibles. Here’s a quick overview.
Earthquake insurance isn’t like other types of coverage. Let’s compare it against your homeowners insurance. With your home policy, you have a deductible of X dollars. You pay that amount to get your coverage to kick in.
With earthquake insurance, rather than having a set deductible, your deductible is a percentage of your home’s value. That percentage can be anywhere from 2 to 20 percent, depending on your risk factors and other variables. That means that if you have a $400,000 home with a 20 percent deductible, you’ll need to foot $80,000 before your policy will kick in.
This might sound overwhelming, and the percentage deductible has scared people away from earthquake insurance. Remember, though, that paying $80,000 is a whole lot better than paying five times that!
Before you let the potentially high amount of Hayward Fault Line earthquake insurance deductibles keep you from the right protection for your home, talk to your insurance agent. At NorthStar Risk Management & Insurance Services, Inc., we know how to help you get affordable earthquake insurance coverage so you can rest easy despite the geological risks of our area.
If you need coverage or have any questions about Hayward Fault Line earthquake insurance deductibles, contact our local team in Walnut Creek, California today. Because we live in the area, too, we know the unique risks facing homeowners and can help you protect your house and your wallet.