The west coast of Canada has been known to experience a high number of earthquakes. British Columbia is anticipated to have a large earthquake within the next five decades – so what does that mean for your home insurance? Most home insurance in British Columbia does not cover earthquakes, but you can get protection through an endorsement.
Earthquake coverage works to protect your home, other structures and personal belongings from damages in the event of an earthquake. This includes associated shocks within a period of time but also resulting in landslides, avalanches, volcanic eruptions and other earth movements as a result of the earthquake.
Tsunamis, flood, wave, or other damages are not covered by this endorsement. Hail, rain, wind and snow are as long as the earthquake caused your home to be vulnerable first. This type of damage would also be covered under your regular home insurance. However, it can get complicated if an earthquake occurs, causes damage, which in turn worsens the damage from a storm. That’s why it’s important to have earthquake coverage.
The premium for earthquake coverage is based on risk, but is normally affordable. The higher risk you are for an earthquake, the higher the premium will be.