The majority of homeowners believe the earthquakes will be covered by the insurance homeowner’s policy, but it’s not the case. For insurance to protect against earthquakes, this insurance is offered as an additional benefit in an already existing insurance policy, however it is often purchased as an individual insurance policy, too. Insurance Information Institute Insurance Information Institute reports that Americans across 42 states are vulnerable to any kind of damage from an earthquake, but there aren’t enough people who purchase the essential insurance. This is the reason it’s crucial to examine various earthquake policies and think about the pros and cons especially for those living in areas where earthquakes aren’t just possible and likely, but actually. Investopedia looked at the most reputable earthquake insurance providers to find companies that have strong financials and a good reputation. We also analyzed earthquake insurance providers on the basis of the type of insurance they offer, including whether you are able to join it with the homeowner’s insurance policy, as well as the benefits that customers can be expecting to get. What we found.
The 7 Best Earthquake Insurance Providers of 2022
1. Allstate
We selected Allstate as the top provider for all purposes due to its tradition of providing insurance across the 50 states. We selected Allstate as the best option for earthquake insurance due to its excellent reputation and financial standing and their financial strength graded A+ as assessed by AM Best. Allstate also received an average score in J.D. Power’s 2021 U.S. Home Insurance Study.
In the years since 1931 Allstate has grown and be one of the top providers of homeowner’s insurance as well as car insurance and life insurance along with other insurance services throughout the United States. Allstate offers earthquake insurance in specific areas of the nation which includes California. Though the coverage details might vary, Allstate earthquake protection can be purchased to guard against the possibility of damage to your house and the other structures within your property, your items belonging to you and even protection for a loss.
Loss of use insurance can be especially important for consumers since it’s an opportunity to pay for the costs of a hotel room and other costs of living in the event of repairs being completed to a home after damages. Allstate provides a well-known mobile app and an online account management portal that lets you manage your account’s payment and claim, without the need to contact customer service. Additionally, since Allstate also offers homeowners insurance and homeowners insurance, you’ll be able to quickly add earthquake protection your current insurance policy if you’re eligible.
2. Amica
Amica is regarded as the most suitable option for California residents because of its partnership in conjunction with California Earthquake Authority which is an openly managed, non-profit organization that aims to help homeowners throughout the state to safeguard their homes from damage caused by earthquakes. Amica is our first option when it comes to earthquake insurance in California due to its close connections directly with California Earthquake Authority.
It is important to know that it that California Earthquake Authority offers earthquake insurance which provides security for the home and your personal belongings as well for building code improvement repair emergencies, as well as the loss of usage. Amica provides earthquake insurance as an added benefit for homeowners who have traditional insurance policies. But, it’s also possible to utilize the insurance to purchase different types that of insurance that you require, like umbrella insurance or auto insurance coverage.
Amica was founded in 1907, which indicates that the company has a long history of providing high-quality insurance products to its clients. Amica also holds an A + rating of an Excellent for their financial strength and was the top-rated insurer in JD. Power’s 2021 U.S. Home Insurance Study. If you’re interested in earthquake insurance for your home’s insurance policy through Amica and Power, you’ll need to discuss it by a representative.
It’s important to remember that Amica offers a wide range of choices to add additional coverage to homeowners’ insurance policies, like flooding insurance as well as personal property insurance, as in addition to valuable item insurance and other. Be aware that, even though the insurance is offered with California Earthquake Authority, you are still able to make claims through Amica. claim through Amica should you require the use for the insurance. That means you’ll can access the outstanding assistance services Amica is well-known for as well as their Online claim Centre.
3. ICW Group
ICW Group scored a spot on our list as the top commercial coverage due to their policies on commercial earthquakes provide protection for business buildings, personal property and income loss, leakage of earthquake sprinklers, and many more. We chose this Group to be ranked because of the extensive earthquake insurance coverage for commercial buildings and is offered across all states.
Businesses can rely on this Group to obtain earthquake insurance for their buildings and personal property. You can also buy coverage to help cover the loss of income resulting caused by earthquakes. Insurance for destruction that is caused by the earthquake’s sprinklers is offered. In addition, you may be able purchase insurance for other risks. ICW Group was founded in 1972, and is now the largest insurance company that is privately owned that are based in California.
State of California. It provides insurance plans that span 50 states as well as Washington. The biggest drawback of working through ICW Group is the fact that you need to make contact with ICW Group in order to contact an agent in your area prior to receiving an estimate. Since you buy this insurance through a local company thing like the quality of service offered to customers as well as the procedure for filing claims can vary.
4. American Family Insurance
We picked American Family Insurance as best bundler of policies because of the variety of coverages they provide and the discount they offer. For instance, you could reduce costs by bundling your homeowners’ insurance protection with automobile insurance. Additional discounts are offered depending on the age and condition of your house or generational policies and much more.
American Family Insurance made our list of the best insurers to bundle on the fact that the company gives discounts to those making use of them for various insurance products, which include automobile insurance. You can also avail discounts based on the age you live in and also security feature discounts as well as loyalty discounts, and discounts for family members covered by American Family. According American Family, you’re eligible to buy the insurance across 11 states, including Arizona, Colorado, Idaho, Illinois, Indiana, Iowa, Missouri, Nevada, Oregon, Utah, and Washington.
The company was founded in 1927 under an initial name of Farmers Mutual Automobile Insurance Company, American Family has grown to become one of the most famous and well-known insurance company across all of the United States. In terms of their earthquake insurance, you can choose to buy insurance for your garage or home and other structures situated on your property.
American Family earthquake insurance also covers fences, sidewalks and driveways, and personal property. It is also possible to use this option to buy earthquake insurance for your condominium you own, as well as the apartment you lease. One disadvantage of American Family Insurance is that like other companies we included on the list above, you have contact someone within the company and provide detailed details in order to receive an estimate of earthquake insurance coverage.
5. Liberty Mutual
Liberty Mutual made our ranking because they provide earthquake insurance for renters, and makes it simple to get an online quote for a no-cost quote. The renter’s insurance policies cover damage caused by earthquakes, and aftershocks that happen within a period of one hour. Liberty Mutual stands out for the earthquake insurance for renters due to the online process for submitting forms and the claims process. Since the company’s inception around 1912 Liberty Mutual has been providing high-quality insurance services for more than 100 years.
The company is rated with an A-grade rating of AM Best for its financial solidity. Not all companies offer earthquake insurance specifically for tenants, but those who rent may still require earthquake insurance for their personal belongings even if they don’t have the house. This is not limited to the fact the case that Liberty Mutual earthquake insurance apply to damages that result from one or more most devastating earthquakes, but also the damage caused by aftershocks that occur within the same time which is 360 hours considered to be the same event.
You can apply for earthquake insurance as a tenant of Liberty Mutual online, although you won’t be able to tell if your location is covered until you’ve completed the application process. Liberty Mutual also stands out through its online claim procedure that lets you make claims and track them using an interactive dashboard. Liberty Mutual also offers a mobile application that allows you to easily pay your insurance and keep track of your claims as well as view the specifics on your insurance policy in few clicks. Don’t forget Liberty Mutual also offers homeowners insurance coverage. Liberty Mutual also offers popular homeowners insurance coverage, together with its rentals insurance policy.
6. GeoVera Insurance
GeoVera Insurance earned a spot in our top ten list because of their up-to-date online service and the fact that you can obtain a no-cost quote online. Their claims process is also managed online, to provide even more ease of use. GeoVera Insurance is our choice for the most convenient online experience because of their capabilities online and also the possibility of getting an online quote for no cost and not needing to speak directly to an advisor.
The policies that they provide are only available only in the states of California, Oregon, and Washington. Furthermore, you are not able to combine the insurance with other kinds of insurance. GeoVera Insurance is unique because it only provides catastrophic coverage for certain types of events. This means that it is unable to offer homeowners insurance or automobile insurance as well as other types of insurance. GeoVera’s focus on coverage for catastrophes can be considered to be an important benefit due to their area of expertise.
GeoVera is rated as A for financial quality according to AM Best. While GeoVera Insurance offers coverage for storms and hurricane damage in states such as Hawaii however their main service is earthquake insurance. There are a variety of types of earthquake insurance. GeoVera comprehensive coverage includes the 10 percent deductible for Washington and Oregon. GeoVera Insurance also offers coverage for homes, structures and personal property, as well as destruction of the use.
7. Country Financial
Country Financial made our ranking as the best in customer service. Similar to other companies on our list of top insurers Country Financial offers homeowners with comprehensive insurance coverage and the option of adding earthquake protection if your house is eligible for. Country Financial stands out from other insurers because of its excellent scores from third-party rating companies. For the first time Country Financial received the highest rating from JD Power’s US.
Home Insurance Study, which assessed satisfaction with its customers and gave Country Financial 855 out of 1,000 points. In 2021, they were placed 9th. Country Financial was originally founded in 1925. But the company has developed to offer homeowners insurance as well as auto insurance as well as Life insurance health insurance annuities, and investment options for their clients. The typical homeowner’s insurance is not a guarantee against earthquakes; however, it is possible to include flood insurance and earthquake insurance and identity theft insurance along with other insurance options once you are an individual consumer.
In addition, there are many discounts available for homeowner insurance policies, like reductions on multiple insurance policies, discounts for homes that have newer construction, as well as discounts for roofs constructed with more recent construction or roofing materials that are unique, such as alarm credit discounts, and more.
Country Financial also offers an online claim procedure that allows you to submit and manage your claims in a simple way and also the online portal for customers which allows you to manage your policy, alter your coverage options, and pay your bill, and much more from the comfort of your own home.
Frequently Asked Questions
What Is Earthquake Insurance?
The Earthquake insurance is a kind of catastrophe insurance intended to shield policyholders from unforeseen earthquake damages. This kind of insurance can help you to rebuild your home, or replace the structure or fix it on your property such as garages, fences or even a garage. and offer protection for personal property damaged or destroyed during the aftermath of an earthquake.
Many homeowners believe that earthquakes are covered under the homeowner’s insurance policy, it’s not the case. The earthquake insurance is usually purchased as an added-on policy that is included in a homeowner’s or renters insurance policy, but it is possible to purchase a separate earthquake insurance policy too. The insurance for earthquakes is usually bought by those living along the Pacific Coast, or in states such as California, Washington, Alaska and Oregon.
The Insurance Information Institute claims that Insurance Information Institute claims that residents of 42 states are most at risk of damage caused by earthquakes. According to Insurance Information Institute reports that these states are among the most susceptible to earthquakes. They also note that some states are at risk or have minimal or no risk, including Florida, Iowa, Kansas, Louisiana, Michigan, Minnesota, North Dakota, and Wisconsin.
Who Should Get Earthquake Insurance?
Insurance for earthquakes insurance is a form of catastrophe insurance intended to protect policyholders from the possibility of earthquake-related damages. It can help to rebuild your home as well as repair or replace any other structure that is on your property, like fencing, garages, and more.
It also provides protection for personal property that is damaged or destroyed during an earthquake or the aftershocks that follow. While many homeowners believe earthquakes are covered under the standard homeowner’s insurance policy, this is not the case. Earthquake insurance is usually purchased as an additional policy that is part of the renter or homeowner insurance policy, however there is a possibility to buy an independent earthquake insurance policy.
Is the California Earthquake Authority Good Insurance?
The majority of earthquake insurance clients are from California due to the greater risks that exist within the San Andreas Fault and the many costly earthquakes that have hit the state over the past 50 years. Due to the high number of earthquakes happening throughout the state, and the potential for most costly earthquakes occurring in the near future, the California Legislature established the California Earthquake Authority in 1996.
Since its establishment the organization has expanded to the size of one of the largest earthquake insurance companies in California. California Earthquake Authority is now the top insurance provider in earthquake insurance for homes in across the United States, and the company is able to cover more than two-thirds of all insurance policies in California. It is important to know that a number of the earthquake insurance firms on this list provide earthquake insurance across California.
California as well as California Earthquake Authority. California Earthquake Authority. Fortunately, earthquake insurance provided by the California Earthquake Authority can be reliable when you require it. Their Insurance Information Institute confirms that the California Earthquake Authority is financially solid, with more than $18 billion of funds that are set aside to pay for damages.
How We Chose the Best Earthquake Insurance Providers
A variety of insurance companies offer earthquake insurance however we could not include them all. To determine the most reliable and trustworthy companies We sought out companies offering earthquake insurance that offer special discounts or features. We started by comparing over 20 companies, and then evaluated them. We favored companies that offer a diverse range of insurance products across the country and also sought out companies with high scores for their financial stability and customer service.