Hopefully, we’ll never need to use it, but
earthquake insurance is an important coverage available throughout Canada. As we know, some
areas are more likely to be hit by an earthquake than others, but wouldn’t you rather be
safe than sorry? If you currently have a home insurance policy,
it’s important to be aware that most home insurance policies exclude damage caused by
earthquakes. It is usually a rider which must be added to your policy for an additional
premium, and with a separate deductible. However, depending on where you live, and the deductible
you choose, earthquake insurance can be quite affordable. Square One Insurance includes
earthquake coverage on all of its policies, so you never have to worry.
Special note for condo owners: If you live in a condo, and your building is damaged in
an earthquake, each unit owner may be assessed a portion of the building’s deductible.
On your condo unit owner’s policy, you can purchase coverage to protect you in just such
a case, however it will only protect you if the loss is one that is covered on your Unit
Owners policy. So if you don’t carry earthquake insurance on your contents, your policy will
not respond to cover any assessment due to earthquake.
If you live in an earthquake zone, and there are a few in Canada (not just BC), you must
consider earthquake insurance. We all hope the Big One doesn’t hit in our lifetime,
but just in case, let’s be prepared! For earthquake information, including what
to do during an earthquake, go to The Government of Canada’s website “Earthquakes in Canada”.
And, please see your policy wording for coverage and exclusion details.