Hopefully, we’ll never need to use it, but earthquake insurance is an important coverage available throughout Canada. As we know, some areas are more likely to be hit by an earthquake than others, but as one occurs every 30 seconds, wouldn’t you rather be safe than sorry?
If you currently have home insurance, it’s important to be aware that most policies exclude damage caused by earthquakes. It is usually a rider which must be added to your policy for an additional premium, and with a separate deductible. However, depending on where you live, and the deductible you choose, earthquake insurance can be quite affordable. Square One Insurance includes earthquake coverage on all of its policies, so you never have to worry.
Special note for condo owners: If you live in a condo, and your building is damaged in an earthquake, each unit owner may be assessed a portion of the building’s deductible. On your condo unit owner’s policy, you can purchase coverage to protect you in just such a case, however it will only protect you if the loss is one that is covered on your condo policy. So if you don’t carry earthquake insurance on your contents, your policy will not respond to cover any assessment due to earthquake.
If you live in an earthquake zone, and there are a few in Canada (not just BC), you must consider earthquake insurance. We all hope the “big one” doesn’t hit in our lifetime, but just in case, there are may things you can do to prepare for an earthquake. Adding earthquake insurance to your home insurance policy is one of the things you can do to be prepared.
For earthquake information, including what to do during an earthquake, go to the Government of Canada’s website “Earthquakes in Canada”.
To learn more about earthquake insurance available to you, visit our earthquake insurance webpage.