| Home (dwelling) |
Included
|
Included
|
Covers earthquake damage to your customer's home and certain structures attached to it, like their attached garage. |
|
Coverage Limits
|
Same as the companion homeowners insurance policy
|
Same as the companion homeowners insurance policy |
Your customer's home is covered up to the Dwelling’s insured value on their homeowners insurance policy. For example, if their home insurance value is $200,000, their earthquake insurance coverage will be the same amount. |
|
Deductible
|
5%-25% |
5%-25% |
Deductible options are 5%, 10%, 15%, 20% and 25% of the Dwelling (Home) coverage. Homes with a Coverage A dwelling limit greater than $1,000,000, or dwellings built before 1980 on a raised or other type foundation that do not have a verified retrofit, are only eligible for a 15%, 20% or 25% deductible.
Claim-payment example:
- If your customer's Dwelling is insured for $500,000, and
- They have purchased a 5% ($25,000) deductible, and
- An earthquake causes $80,000 in covered damage, then
- Their claim payment would be $55,000 (their covered loss, less their deductible, up to the limit of insurance purchased).
|
| Personal Property |
Included |
Optional
|
Covers damage to your customer's belongings, like TVs and furniture. |
|
Coverage Limits
|
Up to $25,000
|
Up to $25,000
|
Available in limits of $5,000 or $25,000.
|
|
Deductible
|
Included under the Dwelling deductible—no Personal Property losses can be paid unless Dwelling loss exceeds the policy’s deductible.
|
5%-25%
|
The Homeowners Choice policy offers Personal Property coverage deductibles of 5%-25%.
This deductible is separate from the dwelling deductible, which may allow your customer to receive a personal property claim payment even if the damage doesn't meet the dwelling deductible. And, if the dwelling deductible is met, the personal property deductible is waived.
Homeowners Choice claim-payment example:
- If your customer's dwelling is insured for $500,000 with a 10% deductible ($50,000), and
- They have personal property covered for $25,000 with a 5% deductible ($1,250), and
- An earthquake causes damage to the dwelling that is less than the dwelling deductible, but there is also $20,000 in personal property damage, then
- Although their dwelling deductible is not met, their separate personal property deductible allows them to receive $18,750!
- This payment is the difference between the covered damage to personal property ($20,000), less the deductible ($1,250).
|
| Loss of Use |
Included |
Optional
|
Covers additional living expenses if your customer needs to live and eat elsewhere because earthquake damage or a civil authority prevents them from residing in their home. If their dwelling is held for rent, loss of use (fair rental value) is covered.
|
|
Coverage Limits
|
Up to $100,000 |
Up to $100,000 |
Available in limits of $1,500, $10,000, $15,000, $25,000, $50,000, $75,000 and $100,000. |
| Deductible |
None |
None |
There is never a deductible for Loss of Use.
|
|
Building Code Upgrade
|
Included |
Included |
Local authorities often require that rebuilding or significant repair work be performed in a manner consistent with current building codes (not the codes that were in effect when the property was built). This coverage helps pay expenses associated with code-compliant rebuilding or repairs. |
|
Coverage Limits
|
$10,000 included, $20,000 and $30,000 optional
|
$10,000 included, $20,000 and $30,000 optional
|
All CEA homeowners policies include $10,000 in building code upgrade coverage. Your customer can also choose to raise the coverage to $20,000 or $30,000. |
|
Deductible
|
Paid after the dwelling deductible is met
|
Paid after the dwelling deductible is met
|
Once your customer's covered dwelling damage exceeds the deductible, they could be eligible for payment for Building Code Upgrades, up to their chosen limit.
|
|
Emergency Repairs
|
Included
|
Included
|
Covers earthquake-damage repairs that are needed to protect your customer's house or personal property from further damage (examples: repair broken windows or remove broken glass).
|
|
Coverage Limits
|
Up to 5% of homeowners and Personal Property limit
|
Up to 5% of homeowners and Personal Property limit
|
For example, if your customer's house is insured for $200,000 and an earthquake strikes causing $80,000 in damage, they have up to 5% ($10,000) in Emergency Repairs coverage to make their house safe to live in.
|
|
Deductible
|
First $1,500 has no deductible
|
First $1,500 has no deductible
|
Emergency Repairs provide coverage up to 5% of dwelling and 5% of the personal property limit. The first $1,500 is not subject to the deductible.
|
|
Breakables
|
|
|
Not available for new policies written on or after August 1, 2023 and renewals on or after November 1, 2023. |
|
Exterior Masonry Veneer
|
|
|
Not available for new policies written on or after August 1, 2023 and renewals on or after November 1, 2023.
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