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Friday, August 26, 2005

How earthquake insurance works

CALIFORNIA EARTHQUAKE AUTHORITY

What: The CEA is a privately funded government agency and the world's
largest provider of residential earthquake insurance. It sells insurance through
participating insurers. Some private insurers now also offer residential
earthquake policies that are similar to the CEA's.

History: The CEA was created by the Legislature after the Northridge
earthquake.

How: California's earthquake insurance is purchased separately from
your regular coverage under a program overseen by the CEA.

HERE IS HOW THE BASIC POLICY WORKS:

Single-family homes

• A 15 percent deductible applies to structural damage to your home. For an
additional premium, you can lower the deductible to 10 percent. Structural
damage only covers your home, excluding detached gar ages, swimming pools and
fences.

• The CEA will pay $5,000 to repair or replace damaged contents of the home,
such as broken furniture or glassware. For an additional premium, you can get up
to $100,000 in contents coverage.

• The CEA will pay as much as $1,500 for loss of use if your dwelling is
uninhabitable. For an additional premium, loss-of-use coverage can be increased
to $15,000.

• The premium is based on a price range of $1.10 to $5.25 per $1,000 of
coverage, based on the earthquake risk in your area and the construction and age
of your home. The state average is $2.79 per $1,000.

Condominiums
(New rates not applicable)

• The CEA pays as much as $25,000 for damage to parts of condominium you own
but not common areas.

• Loss-of-use coverage is optional, ranging from $1,500 to $15,000.

• The base policy provides $5,000 of coverage for contents. For an additional
premium, you can get the same coverage as other CEA policyholders, up to
$100,000 for contents and $15,000 for loss of use.

COST COMPARISONS
Here's what earthquake-insurance rates
would be for homes in two ZIP codes insured for $300,000.

Zip Code

Year Built / # of Stories

Current Rate

ProposedRate

92701

1998, two stories

$630

$507

92651

1940, one story

$240

$162

Source:California Earthquake Authority

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