Augusta
VIP Contributor
The premium or cost that earthquake insurance will be given to each insured depends on different factors. The points below are what influenced rates for earthquake insurance;
older homes
The policy is not in favor of older homes as those with older homes with pay higher premium. So Age of the home impact the cost of this policy
Home in earthquake prone areas.
This means that If your home is an earthquake-prone area you are likely to pay high earthquake insurance premium. So insured home’s location. influence this policy. Those those with an older home in a high-risk area will pay higher up to $3000 premium but those in a low-risk area might pay lesss as small as $400 per year.
Replacement cost
The replacement cost and also the
cost to rebuild the home can influence ones premium. So the more materials the higher the premium
The rate of deductible
The rate of one's deductible also influence the premium one will get.This is about insured out of pocket pay if the insured file a claim.
Earthquake insurance deductibles can be about 20% to 25% of the housing policy limit. The fact is that If an insured go for a higher deductible, the person will pay less earthquake policy premium.
older homes
The policy is not in favor of older homes as those with older homes with pay higher premium. So Age of the home impact the cost of this policy
Home in earthquake prone areas.
This means that If your home is an earthquake-prone area you are likely to pay high earthquake insurance premium. So insured home’s location. influence this policy. Those those with an older home in a high-risk area will pay higher up to $3000 premium but those in a low-risk area might pay lesss as small as $400 per year.
Replacement cost
The replacement cost and also the
cost to rebuild the home can influence ones premium. So the more materials the higher the premium
The rate of deductible
The rate of one's deductible also influence the premium one will get.This is about insured out of pocket pay if the insured file a claim.
Earthquake insurance deductibles can be about 20% to 25% of the housing policy limit. The fact is that If an insured go for a higher deductible, the person will pay less earthquake policy premium.
