Earthquake Insurance

On June 23rd Eastern Ontario had an earthquake. The quake lasted only seconds but did cause some minor damages to buildings and property. Most homeowners insurance contracts specifically EXCLUDE earthquake as an insured peril. However, coverage is available through a number of carriers. For an additional premium charged on the dwelling (building) and contents you can insure that you will have coverage in the event your home is damaged by a quake. The deductible for earthquake coverage depends on the insurance carrier but is normally 1 or 2 percent of the building limit.

Ottawa is in a table 2 fault line and some insurers have actually pulled the coverage for that reason. If you live in Ottawa and frequent the 417 then you will see the fault line heading west on the 417 up the hill towards Kanata from Moodie drive. The rock cut to the right and left is in fact the fault line. Consider insuring your home for earthquake coverage- remember, your home insurance isn’t just a bill to pay. Ask your broker about the cost or availability of earthquake insurance today.

Earthquake insurance is also available for commercial buildings. Coverage can be included with flood insurance on commercial buildings where available for an additional premium.

Today’s quake was the largest in over 100 years. In the late 50′s the St. Lawrence seaway near Cornwall had a 6 or 7 Richter quake. Some older stone buildings fell down and nobody was injured.

For most people their home is their biggest investment. Consider an insurance provider that can recommend the necessary coverages available. Remember, at Palladium we work for our clients NOT an insurance company.

-Palladium Team.