Earthquake insurance rules are slightly different in California
Life Insurance - Earthquake insurance rules are slightly different in California. There, earthquake insurance is available from private insurers and from the California Earthquake Authority, a privately funded, publicly managed organization.Only 11.9 percent of California homeowners have earthquake insurance from either a private insurance company or CEA, according to the Insurance Information Network of California. Moraga says the average annual premium for a CEA earthquake policy in 2009 was $707. In California, the CEA policy excludes damage to swimming pools, spas, driveways, outbuildings, crystal, chandeliers and numerous other contents specified in the policy, Moraga says. "We always urge homeowners to read their policies and understand what is and what is not covered," he says. Moraga says that CEA policies cover structural damage up to the limit of the standard home insurance policy but limit contents coverage to $5,000 to $15,000 and loss of use coverage for liv...