Shallow 5.1 earthquake rattles Los Angeles. More than 100 aftershocks follow Friday night quake.
Experts suggest there is 30% chance of a significant damaging earthquake concurrence in British Columbia with in the next fifty years. An earthquake like this could destroy your home or contents, or even cause loss of life. Without proper protection, it could take years to recover from the financial loss.
In Canada, a typical property insurance policy does not provide coverage in the event of an earthquake. It is not a standard coverage which supposed to be included automatically.
However, if purchased, Earthquake Insurance provides reimbursement for the following if caused by earthquake shake:
- Damage to your home, detached structures and contents.
- Out-of-pocket living expenses, or Additional Living Expenses, in the event your home is uninhabitable.
- For condominium Owners, assessments made against you by the Condominium Corporation in the event their insurance is not enough.