Residential Earthquake Insurance

Does Homeowners Insurance cover earthquake damage?

Standard Homeowners Insurance policies, dwelling fire policies, and renters policies typically do not include coverage for earthquakes, leaving policyholders unprotected against losses or damage. Earthquake coverage can be purchased as an add-on to a homeowners policy at an additional expense or through the purchase of a stand-alone earthquake insurance policy.

What does earthquake insurance cover?

Palomar earthquake insurance covers damage to your dwelling, other structures, personal belongings, additional living expenses or rent if your home is uninhabitable during repair, and any loss assessments from an association. A Palomar earthquake policy can be tailored to fit your coverage needs.

How much does earthquake insurance cost?

The cost of earthquake insurance varies based on factors such as home value, location, age, construction type, number of stories, and foundation type. A licensed insurance agent can provide you with a cost estimate and quote for affordable earthquake insurance.

For which states do residents need earthquake insurance?

Many people think earthquakes are confined to California or the west coast but earthquakes occur in every state in the United States. As a result, all property owners should consider their vulnerability to earthquakes and the peace of mind that securing earthquake insurance can provide.

What do I need to know when evaluating

earthquake insurance companies?

As mentioned, Homeowners Insurance policies do not typically cover damage caused by earthquakes. While some insurance companies may allow you to add on this coverage for an additional fee, earthquake insurance can also be purchased on a standalone basis from a company that specializes in this type of coverage. Palomar is a leading national provider of earthquake insurance to both residential and commercial clients.

What Should I know about earthquake insurance for California?

When it comes to earthquakes, California is undoubtedly the first state in the U.S. that comes to mind. While many regions of the country are vulnerable to a potentially damaging earthquake, the states on or near the West Coast including Alaska, California, Hawaii, Nevada, Oregon, Utah and Washington get hit the most often. While Alaska, the largest state in the U.S., records the highest number of earthquakes each year, California has by far the largest number of people at risk. All California residents should consider the threat that an earthquake can pose to their home and finances and should consider purchasing coverage from an earthquake insurance specialist like Palomar.

Palomar’s Residential Earthquake Insurance Products

Flex Choice Earthquake Insurance Policy

Available in: Arkansas, Hawaii, Illinois, Indiana, Kentucky, Missouri, Mississippi, South Carolina, Tennessee, Utah

Product Overview

• Stand-alone earthquake policy for homeowners and condo-unit owners 
• Competitive rates calculated at a zip code level 
• Policy limits up to $15 million total insured value 
• Customizable coverage limits selected in an a la carte fashion 
• Deductible options as low as 2.5% up to 25% applied separately to each coverage section
• Direct bill and mortgagee bill payment options available

Guidelines & Eligibility

• Companion homeowners or dwelling fire property insurance required

• No age, height, or geographical restrictions

• Acceptable construction includes frame, masonry veneer, reinforced masonry, unreinforced masonry (subject to underwriting review)

• Acceptable occupancies include 1-4 unit family dwellings, condominium units, occupied rental properties, and vacation homes or secondary residences

Standard/Superior Earthquake Insurance Policy

Available in: Arkansas, Arizona, California, Illinois, Indiana, Kansas, Kentucky, Missouri, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington

Product Overview

• Stand-alone earthquake policy for homeowners
• Competitive rates calculated based on earthquake zone and building risk characteristics
• Policy Limits ranging from $5 million to $15 million based on state
• Dwelling coverage must match or exceed the insured’s homeowners or dwelling fire policy
• Other structures, personal property and loss of use coverage are fixed limits, or fixed percentages of the dwelling coverage
• Deductible options vary by state and apply separately to each coverage section making it easier to recover in a partial loss
• Direct bill and mortgagee bill payment options available

Guidelines & Eligibility

• Companion homeowners or dwelling fire property insurance required
• Acceptable construction includes wood frame, steel, stucco/frame, brick veneer, masonry
• Any pre-existing structural damage due to earthquake must be repaired prior to writing coverage

Value Select Earthquake Insurance Policy

Available in: California, Oregon, Washington

Offered in partnership with Arrowhead

Product Overview

• Stand-alone earthquake policy for homeowners and condo-unit owners
• Competitive rates calculated at a zip code level
• Policy limits up to $15 million total insured value
• Customizable coverage limits selected in an a la carte fashion
• Deductible options as low as 2.5% up to 25% applied separately to each coverage section
• Direct bill and mortgagee bill payment options available

Guidelines & Eligibility

• Companion homeowners or dwelling fire property insurance required
• No age, height, or geographical restrictions
• Acceptable construction includes wood or steel frame, masonry veneer, and reinforced masonry
• Unreinforced masonry is ineligible
• Acceptable occupancies include dwellings, condominium units, occupied rental properties, and vacation homes or secondary residences
• Retrofitting is not required; however, discounts are available for dwellings built prior to 1973 that are retrofitted