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Last week, a sizable earthquake hit Southern California, and while it wasn't big enough to cause any particularly major structural damage, it did cause some havoc inside homes, breaking dishes and knocking things off walls. As such, many residents of the area are now said to be considering new types of coverage that would help to safeguard them against such financial losses, and agents may be able to help them in their search.

Many insurance companies operating in California and other states that are likely to be hit by the occasional earthquakes may sell coverage that will specifically safeguard consumers against the losses that may be caused by such an event, and consumers may now be considering scooping up such policies after this latest quake, according to a report from CBS LA. However, the fact that many of them don't have it already has raised some eyebrows, and it seems as though the major impediment to buying such coverage isn't so much the cost of the plans themselves, but rather the terms.

How widespread is the lack of coverage?
California being known for its devastating earthquakes might logically be enough to induce residents to buy additional coverage, but the stats show that some 90 percent of homeowners there go without as a result of the cost, the report said. Many homeowners who are that concerned about the cost of coverage may still be shying away from purchasing it because the deductibles can be quite large in many cases. Deductibles on this type of coverage can typically range anywhere from 10 to 20 percent, and that means that there may be a significant amount of wiggle room for which those who buy it will not be covered.

""If, for example, your home is covered for $200,000 and you have a 15 percent deductible, you're looking at $30,000 that will you have to come up with to repair your house,"" Tully Lehman, a spokesperson for the Insurance Information Network of California, told the station.

Agents may need to highlight the benefits that such coverage can provide families in the event that a major earthquake hits and does significant damage to their homes. Even with the deductibles, this kind of additional home insurance might be able to help them avoid being put at a significant financial disadvantage if a disaster strikes.

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