Earthquake Insurance Broker
What is an Earthquake Insurance Broker?
How do you get Earthquake Quotes from Multiple Companies
Who writes Earthquake Insurance?
How to Find an Earthquake Insurance Broker?
Numerous insurance agents offer earthquake insurance policies. Most offer just one residential earthquake option- typically the California Earthquake Authority, also known simply as the CEA. A few offer the CEA and one additional independent earthquake insurance vendor. A few insurance agents or brokers offer earthquake policies form multiple insurers, so called CEA Alternatives. Often, at least in the consumer’s eyes, the difference between an an earthquake agent and an earthquake broker is the amount of options available. While, this is technically not correct in the eyes of many of the state Departements of Insurance, it does feel that way.
In order to find an Earthquake Insurance Broker Agent- one should shop online and contact them inquiring about how many earthquake products they offer.
What is an Earthquake Insurance Broker?
The California Department of Insurance defines an agent and a broker differently than say a real estate definition.
“An insurance agent is a person who transacts insurance, including 24-hour care coverage as defined in Section 1749.02, other than life, disability, or health insurance, on behalf of an admitted insurance company. “
vs
“An insurance broker is a person who, for compensation and on behalf of another person, transacts insurance other than life insurance with, but not on behalf of, an admitted insurer. It shall be presumed that the person is acting as an insurance broker if the person is licensed to act as an insurance broker, maintains the bond required by this chapter, and discloses, in a written agreement signed by the consumer, all of the following…”
After reading these two different definitions you can imagine why many consumers are confused about the difference. The key word difference here is “transacts insurance… on behalf of an admitted insurance company.” Those are the terms that define the key difference. Agents are appointed with the insurer, whereby brokers are typically not.
Most consumers are under the impression [often incorrectly] that by definition a broker has more earthquake insurance options and that is not really the case. With Earthquake Insurance in California typically only agents that have been appointed [or sub appointed] can transact on an earthquake insurance policy. Therefore the term Earthquake Insurance Broker may not be a legit term.
What is Earthquake Insurance?
A consumer earthquake insurance policy is a property policy that covers structures in the event of a seimic event. Coverage is typically limited to the main structure, but can be extended to cover other structures, personal property, and loss of use, among other coverages. Earthquakes are excluded from almost all home insurance policies in the United States. Therefore for those wanting coverage – an earthquake insurance policy is a must.
Earthquake insurance typically provides no coverage for other forms of land movement such as landslides, etc.
How do you get Earthquake Quotes from Multiple Companies?
To get mulitple insurance EQ quotes, contact an Independent Agent/Broker that has lots of earthquake insurance carriers. There are just a handful of places to do this and these agencies can be difficult to locate online.
QuakeCov offers options from up to about five different insurers [depending on your state, location, jurisdiction, and build characteristics.] We will often send you the top two estimates based on your parameters.
In reviewing your quotes keep in mind that the end premium is not the only consideration. Care should be taken to review coverages, deductibles, financial strength ratings, etc.
Who Writes Earthquake Insurance?
A number of insurers write earthquake insurance policies, depending on the state and jurisdiction that you are in.
In California a few of the insurers are:
The Calfiornia Earthquake Authority
ICAT
Geovera
Stillwater
Palomar
-there are others. Please note that many of these insurers employ multiple business and marketing names. In addition the CEA or California Earthquake Authority is sold through certain home insurers.
Thank You for Reading about Earthquake Insurance Broker:
Thank you for reading about earthquake insurance brokers and independent agents. It can pay to save with earthquake insurance – especially if you are with the CEA.