With the current increase in earthquakes happening in the Caribbean and South America, everyone who lives in an area that is prone to earthquakes are looking into the possibility of taking out earthquake insurance. Although earthquake insurance is not part of a standard home insurance policy, you can still have this added to your policy, but it is costly. In California, there are specific insurance companies who do offer this type of insurance to both homeowners and renters.
There are certain things you must do before you qualify for renters’ earthquake insurance. The first is to store your valuables and documents on an earthquake proof file. The easiest way to do this is to take photographs of all the items and documents with a digital camera and then store these on your computer. However, if your home is destroyed in such a natural disaster, then so will your computer and your records will be lost. Therefore you must store copies of the files on CD’s or USB’s and have them in a different location. Even mailing them to family members who live in an area not prone to earthquakes would assure their safety. You also need to update your files on a regular basis, such as once a year.
When you start looking for quotes for earthquake insurance, then the insurance provider will know that you have taken necessary steps to protect your belongings and your investments in the home, even though you are only renting.
You will have to contact your insurance representative whether or not the company does offer earthquake insurance because the majority of insurance providers do not. If it does, then the insurance will be added as a rider on your policy.
Even though it would be easy to get the insurance in this way, you also have to look for the cheapest policy that gives you the benefits that you want. To do this, you should not automatically accept the quote you receive from your insurance representative. Start searching for reputable insurance providers that do offer earthquake insurance and request quotes from at least three of them. In this way you can compare the quote you get from your regular insurance provider and make sure that you are getting the best possible price.
Some insurance companies will give you a discounted rate when you add an earthquake insurance rider to your policy if you have your auto and life insurance policies with them as well. Just keep in mind that as a renter the insurance you take out is on the contents of the home and not on the home itself.