Often yes, and for some homes the private market is the only way to get there. CEA deductibles run 5, 10, 15, 20 or 25 percent of the dwelling limit, so 5 percent is the floor.
The more important point is eligibility rather than preference. Not every home may choose the lower CEA bands. Homes insured above $1,000,000, and pre-1980 homes on raised foundations without a verified retrofit, are restricted to 15, 20 or 25 percent. Private carriers do not typically apply that same restriction, and will often write a lower deductible even on a higher-value property. For an older hillside home, or a home above the CEA threshold, that difference can decide which market you use.
On a $700,000 dwelling limit, moving from 15 percent to 5 percent changes your out-of-pocket exposure from $105,000 to $35,000. Whether the premium difference is worth paying depends on what you could actually fund after a major quake, which is the question worth answering first.
Related FAQs
Differently, because you do not own the building. Your association's master policy covers the structure, and where the association carries earthquake coverage, its deductible is typically assessed back to individual ...
Not automatically. Earthquake policies are built around the dwelling, personal property and loss of use. Detached structures, hardscape, pools, retaining walls and exterior features are commonly limited or excluded unless ...
There is no rate card, because the premium is built from the specific property. What moves it most: the age and construction of the home, whether it sits on a ...
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