When buying a place of residence, the new owners need to choose homeowners insurance in San Francisco, CA. They also must decide whether to include additional coverage for certain types of natural disasters. Insurance agents offer the coverage, but many men and women decide against it to keep their premiums lower.
Standard Insurance
Standard home insurance policies do not pay for damage related to earthquakes, landslides and floods. The Bay Area has experienced all of these occurrences. It’s also getting harder to find standard policies providing coverage for wildfires in states where these incidents have become frequent.
Significant Risk
Buying homeowners insurance in San Francisco, CA, without natural disaster coverage puts the policyholders at risk of catastrophic financial loss. Consumers might weigh the risk of wildfire, landslide and flooding for their particular neighborhood and decide against it. Earthquakes, however, can cause destruction throughout the region.
Relevant Statistics
Although usually minor, quakes in and around San Francisco can cause significant damage to a house or condo. The building can even be destroyed in a collapse. Yet 90 percent of Bay Area residents don’t have earthquake insurance, according to MarketWatch.
Considering Costs
On average, homeowners there can expect to pay about $1,450 extra per year for this coverage. Owners of buildings closer to fault lines are charged more and replacement cost is a factor as well.
Men and women struggling with this decision might consider the cost per month, week or even day to feel more comfortable about it. The average would be about $28 per week. That is well worth not losing the entire cost of the home in a natural disaster.
Contact details for one particular insurance agent can be viewed at https://www.pennbrookins.com
