Why should I buy Earthquake Insurance when the government offers a FEMA Grant?
August 30, 2020
I hear that question with almost every conversation about Earthquake Insurance, so let me tell you all WHY! The most obvious reason is that you will not have to get in line with so many others who have damage and wait for help. But besides the inconvenience of that here are a few more things you may not know:
- Government assistance, if available, is limited. The maximum FEMA grant available in 2018 was just $34,000.
- The goal of a FEMA Grant is not to return a home to its pre-disaster condition.
- FEMA Loans can be available for rebuilding houses or replacing personal property but they are LOANS! They must be paid back with interest just like a mortgage.
- Insureds will say that they can’t afford the deductibles. Well, the insured does not have to pay their deductible out of pocket to receive payment on a claim. The deductible is subtracted from the covered damage, so they don’t have to pay any of the deductible up front before receiving their claim payment.
- Did you realize that one home that survived an earthquake could easily be demolished with a different earthquake? Since every earthquake is different, a home that was spared in one earthquake can be damaged or completely destroyed by the next.
- Even a renter can receive needed help when an earthquake hits. There is a CEA renters’ policy that will cover personal property along with help to relocate with your normal standard of living while emergency repairs are completed. There is not even a deductible!
- On the other hand, the owner of the rental property can receive help with the lost rent they would have received while damage is repaired. “If the part of the dwelling that you rent to others becomes unfit to live in as a result of an earthquake, we cover the fair rental value of that part of the dwelling.”
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