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Is Your Home Ready to Rock and Roll?
Is Your Home Ready to Rock and Roll?
By Vanessa Sisemore, Farmers Insurance
www.NorthgateLivingCA.com
This is California; earthquakes are a fact of life. And, as
Enter the CEA – California Earthquake Authority, a non-profit, publicly managed, privately funded entity that provides residential earthquake insurance.
As a legislatively created entity, part of the CEA’s mandate is to make earthquake coverage as affordable as possible for all Californians. Because they are not-forprofit and publicly managed, they have over $15 billion in claim paying ability and have an Excellent rating by A.M. Best Co., the world’s oldest and most authoritative rating agency of insurance companies.
The CEA, frequently in partnership with local agencies, provides education to home owners and renters to increase earthquake risk awareness. This education focuses on personal safety during an earthquake as well as methods for reducing property loss.
The goal of the CEA is to put Californians back into their homes as quickly and affordably as possible after a devastating earthquake. To do that, CEA policies focus on the basics, not the ornaments. For example, your earthquake policy will not cover swimming pools and landscaping. On the other hand, increased rebuilding or repair costs due to current building codes are covered.
By law, insurance companies in California must offer earthquake coverage. You, however, are not required to accept.
Especially because government assistance can be slow, insufficient, and generally takes the form of loans.
• When evaluating if or how much coverage you need, consider:
• many agencies offer discounts on homeowner policies when you also purchase earthquake coverage;
• premium discounts are available for retrofitted homes;
• the CEA has recently created more deductible and coverage options to increase affordability.
More importantly, discuss your options with your trusted agent.
Vanessa Sisemore Insurance Agency
