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What do Condo and Renters Earthquake Policies Cover?

To better support you and your valued clients, we’re offering essential tips on our condo and renters policies. We want to empower you with everything you’ll need to assist your clients in picking the best coverage for their needs and budget.

Earthquake Policy Focus – Condominiums

Have your clients incorrectly assumed that their Homeowners Association (HOA) insurance policy would cover them after a damaging earthquake?

It’s important to remind them that their HOA policies generally only cover their building’s exterior, not the personal property or breakables inside the condo unit. And unfortunately, more and more HOAs are foregoing Master policies, leaving your clients even more exposed.

To help your clients customize their earthquake coverage, CEA rolled out some great new coverage choices in 2016. This policy is designed to allow policyholders to pick only the coverages they want or feel they need. Take a look at this quick reference to help you explain what these policy options are:

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Earthquake Policy Focus – Renters

Are your clients overlooking the importance of renters insurance? Maybe they’re saying, “I don’t own the building, so why carry insurance?” Well, we’re here to help you break down these misconceptions and get them the earthquake coverage they need.

This would be an excellent time to let them know that their landlord’s policy won’t cover them. And even if they have an individual renters policy, it doesn’t cover earthquakes.

Let’s not forget, with the latest rate reduction, CEA Renters rates decreased by 38 percent on average, statewide. Remind your clients that policies start as low as $35 a year – or just $2.92 a month!

A CEA Renters policy will help repair and replace personal property and could pay for loss of use of the rental (in case they need to live or eat elsewhere after an earthquake damages their rental). This chart explains what is included in the policy:
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