A sublimit is a classic insurance definition that few consumers understand. Sublimits “limit” coverage on certain items of property. The Definition of a Sublimit found on a CEA policy: According to the Homeowners Choice CEA policy [version BEQ-3C (01-2019 edition] page 7 a Sublimit “means a dollar limit on a coverage for a specific type…Read More
California based EQ Insurer launches new Earthquake Insurance Option The new Options allows for increased flexibility The New Geovera Earthquake Insurance Option: Geovera, based in Fairfield California, has a launched a “new earthquake insurance policy” “with flexible coverage limits, a broad range of deductibles, and California’s lowest rates” according to a statement from the California…Read More
Two distinct California quasi governement insurers are now working in tandem. Program is intended for FAIR plan policies. CEA and FAIR: According to an email bulletin “The California Earthquake Authority (CEA) quote submission process has just been made easier. It is now automated through the California FAIR Plan broker portal and can be done online.” It is…Read More
Very Large Earthquake Hits Alaskan Penisula, triggering aftershocks and tsunami warnings. Potentially the largest American Earthquake in over 50 years? An 8.2 Magnitude Earthquake shook Alaska recently on 1015PM on July 28th 2021. The quake shook for significant period of time. As of the date of this short article the earthquake is being referred to…Read More
Many Insurance Policies contain Bold Typeface. The Bold Type on a CEA policy simply refers to terms that are later defined in the policy. Only some terms on a CEA policy are specifically defined within the policy. Just because a term is NOT defined does not mean that a definition does not exist. Bold Type,…Read More
What year was the CEA Created and Founded? When did the California Earthquake Authority sell its first policy? How Old is the CEA? When was the CEA Created? The CEA was created in 1996 by the state of the California Legislature. “There is hereby created the California Earthquake Authority, which shall be administered and governed…Read More
Simply put aftershocks are earthquakes after an initial earthquake. However the definition is not perfectly clear on the California Earthquake Authority Policy. The when, where, how, etc may be key to your earthquake insurance policy and any possible protection you may [or may not] receive. It is important for you to understand the concept of…Read More
Your Home Insurance policy contains an exclusion for Land Movement. You Purchase an Earthquake Insurance Policy. Are you now covered for all Land Movement? No. Purchasing an Earthquake Insurance policy only protects your structures from the peril of earthquake. This does not cover other forms of land movement, including, but not limited to: Landslide, Subsidence,…Read More
The Earthquake Hazards Reduction Act is the current US Federal policy that deals with lowering the risk of earthquake damage and preventing loss of life in the United States. As administered it is often called the Earthquake Hazards Reduction Program. The act was signed into law in October of 1977. It was created by Congress…Read More
For consumers Earthquake Insurance can protect you and your family from the devastating financial costs of rebuilding a structure, often an owner occupied home. These costs are significant. Understanding the different protections available can significantly help protect you and your loved ones. It is important to understand that Land Movement, including earthquake is NOT covered…Read More