For as long as I can remember the West Coast has been promised a catastrophic earthquake that will leave the lower mainland and Vancouver Island in shambles. Most may have an earthquake preparedness kit in their home, office and car ready for when it hits! Once all the tremors have subsided which can take days and everyone has had a chance to determine the damage are you going to be able to pay your deductible so you can start to rebuild?
Did you realize that with an average deductible of 15% on a home valued at $800,000 you are liable for $120,000. Most insureds do not realize but the earthquake deductible does not just apply to the loss amount but to the total insured value (TIV).
SRIM has a solution… Earthquake Deductible Buy Down for Residential and Commercial properties. This allows the insured to buy down their deductible to just $2,500 as per the example below:
$700,000 risk with a 20% Deductible in zone 1.
20% deductible = $140,000
SRIM will offer buy-back of the $140,000 coverage at a .35% rate = $490 premium + Fee: $75 = $565
($2,500 Deductible to apply)
… You do the math!