Has someone done a show lately about “The Big One” coming? AKA the next big earthquake? If so it could explain why our phones have been lighting-up with everyone wanting a quote and getting signed up for a new Earthquake policy.
As a reminder, Earthquake coverage is not an included coverage on your Homeowners policy. You must add it for coverage.
I am a proponent of Earthquake coverage. I have it on my house and recommend it to all my customers. With that being said, only about 25% of our customers have Earthquake coverage on their homes.
Two primary reasons why people don’t get Earthquake coverage:
#1. Price. It can be expensive. Our average customer spends $748/year on an Earthquake policy. I just ran an internal report and the actual premium range our clients are paying is between $259/year to $2,407/year.
#2. The deductible. Most of our Homeowners policies have a deductible between $500 and $5,000 with $1,000 being the most popular for a Homeowners policy. Earthquake carries its own, separate deductible that is listed as a percentage of the dwelling’s value. Percentages typically range from 5% to 15%. Therefore, a $500,000 dwelling with a 10% deductible would have a $50,000 deductible. That’s a lot. But it’s a lot less than paying $500,000 to rebuild your home.
I didn’t carry Earthquake coverage for my first several years of home ownership. Then, one day, I was thinking about “The Big One” coming and what would I tell my friends and family if I didn’t have the coverage. I just had this premonition of them saying something like “Aren’t you an insurance agent? Why wouldn’t you sell yourself a policy?” The most important “family” I’d have to answer to would be my wife and kids. I simply didn’t want to tell them that we no longer have a home because “your dad didn’t think it was a good idea to spend a couple bucks a day on Earthquake insurance”.
Questions about earthquake insurance, give us a call or shoot us an email and we’d be happy to work up the rate, go over coverages and find the policy for you that best suits your needs.
Ken Martin
Are You Bundling Your Insurance Policies?
This is one of the best ways to save on your insurance policies each year. Home and auto insurance bundles provide great discounts. If you are interested in combining your insurance coverage with one carrier, give us a call.
Many people have been taking advantage of the low interest rates. If you are looking to purchase a home or refinance your home, you may want to shop your home insurance too. We will provide comparative quotes so you can choose the right coverage and price for your specific needs. Reach out to us.
Looking for Another Auto Insurance Discount?
Many of our insurance carriers are using telematics to help decrease your auto insurance premium. These tracking devices are used to track your driving habits. For a specific amount of time, the tracking device is plugged into your on-board diagnostic port and tracks how you drive. The device then collects the vehicle information and wirelessly sends that data to your insurance company.
With good driving habits, your insurance carrier can provide you with a decrease in your auto insurance premium.
If you are interested in this discount, reach out to us!
Our Referral Program
Thank you for continuing to refer your friends and family to our agency! For every referral we receive, we will send you a FREE Starbucks coffee card for $5.00 and donate $10 to the American Lung Cancer organization. Also, we have a monthly drawing where the referral winner receives $25.00 and we donate $25.00 to the charity of the winner's choice.
Congratulations to the referral winners this past quarter!
December - Massoud Shey
January- Alyssa Gilchrist
February - David Hernandez
The person you refer doesn’t have to purchase a policy. There are many worthy charitable organizations in our community. Help us, help them! Our referral program is open to anyone, whether they’re a client or not.
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