Homeowners insurance doesn’t typically cover earthquakes. So as a California homeowner, you should carry earthquake insurance if your property is to be fully protected. On average, in California, earthquake insurance costs $3.54 for every $1,000 of insurance coverage. This means to insure your single-family home at a $600,000 replacement cost, you’ll need to pay $2,124 in annual premium. In general, premiums can be as high as $15 or as low as 10 cents for every $1,000 of coverage, depending on factors such as the policyholder’s probability of filing a claim and the insurance company. Read on to learn more.
California Earthquake Insurance Rates by City
Each year, California typically gets hit by 2 to 3 earthquakes that are large enough (at least 5.5 magnitudes) to cause damage to structures. Earthquakes can strike at any time during the year. Premiums for earthquake insurance vary by location. The closer your property is to fault lines, the higher your rates, reflecting the greater exposure to earthquake damage and the resultant higher cost of protecting your assets. The average costs of earthquake insurance, per a thousand dollars of insurance coverage, in California states, are:
- $6.47 in Lameda
- $3.41 in Big Bear Lake
- $4.21 in Burbank
- $5.82 in Calexico
- 3.04 in Chula Vista
- $3.65 in Corona
- $2.46 in Fair Oaks
- $3.73 in Fairfield
- $2.47 in Fresno – Biola Junction
- $3.22 in Irvine
- $2.54 in Lake Tahoe
- $4.11 in Long Beach
- $2.74 in Mission Viejo
- $2.51 in Modesto – Dry Creek
- $2.91 in Monterey
- $3.06 in Napa
- $2.71 Paso Robles
- $2.90 in San Diego
- $4.58 in San Francisco – Nop Hill
- $4.43 in San Jose
- $4.16 in San Mateo
- $3.31 in Santa Barbara
- $4.31 in Santa Clara
- $3.23 in Santa Cruz
- $3.45 in Simi Valley
- $3.41 Temecula
- $2.95 Twenty Nine Palms
- $3.37 West Hollywood
- $2.47 Yuba City
Los Angeles residents who live in Silver Lake, El Sereno, and Echo Park typically pay lower rates, while residents of West Los Angeles, Culver City, and Mar Vista pay higher rates. According to the US Geological Survey, there is a 60 percent likelihood that Los Angeles will be hit by an earthquake of no less than 6.7 magnitudes in the next 30 years.
In San Diego, earthquake insurance costs between $2.90 and $3.09 for $1,000 of coverage. There is a 75 percent likelihood that at least a 7.0 magnitude earthquake will hit San Diego in the next three decades. The California Earthquake Authority estimates that such an earthquake will impact up to 45 percent of residential buildings.
In Francisco, the cost of earthquake insurance ranges between $4.08 and $4.58 for every $1,000 of coverage. Mission residents usually pay higher rates, while residents of Nob Hill pay lower rates. In the next three decades, there is a 72 percent chance of an earthquake of no less than 6.7 magnitudes striking San Francisco.
How Much Does Earthquake Insurance Cost by Insurer
The cost of earthquake insurance by the insurer ranges between 10 cents and $15 for every $1,000 of insurance coverage. Therefore, it’s important to compare quotes from various insurers.
Frequently Asked Questions
- How Much Earthquake Insurance Should I Buy?
The amount of earthquake insurance you should get should hinge on your home’s replacement cost, which is listed on the homeowners insurance policy.
- What is the Deductible on Earthquake Insurance Policy
Earthquake insurance deductible generally ranges anywhere from 10 percent to 20 percent of the coverage amount.
How to Get the Right Earthquake Insurance Policy