INSURANCE

California Earthquake Insurance: Requirements, Coverage, Cost

  • While earthquake insurance is optional in California, home insurers must offer it to new homebuyers. 
  • Earthquake insurance covers your dwelling, personal property, and provides loss-of-use coverage.
  • You can purchase earthquake insurance through your homeowners insurance provider. 

California has a well-earned reputation as the earthquake capital of the US. Yet only 10% of California residents have earthquake insurance, according to the Federal Emergency Management Agency (FEMA). Many homeowners are underprepared for financial losses associated with earthquakes, which are not covered by standard


homeowners insurance

 policies. If you’re a Californian living near a major fault line, you can protect yourself with earthquake insurance.

Is earthquake insurance required in California?

California homeowners are not legally obligated to buy earthquake insurance, and


mortgage lenders

 don’t require it, says Glenn Pomeroy, chief executive officer of the California Earthquake Authority (CEA), the nation’s largest earthquake insurance provider. However, California law makes it mandatory for providers like State Farm and Allstate to proactively offer earthquake insurance in conjunction with a homeowners insurance policy to new homebuyers, according to Pomeroy.

Homeowners insurance will not cover earthquakes. You must purchase a separate policy to get coverage. Given the large number of damage-causing

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June 5, 2022 by INSURANCE

Former Eagles RB Jay Ajayi finally gets settlement from insurance policy; report

Former Eagles RB Jay Ajayi finally gets settlement from insurance policy; report

Nearly four years after suffering an ACL injury that pretty much ended his career, former Eagles running back Jay Ajayi finally got his insurance payout.

NFL Network’s Ian Rapoport on Tuesday morning reported that Ajayi “received a settlement for his $5 million loss-of-value insurance policy.”

Rapoport back in 2018, in the wake of Ajayi’s ACL tear that ended his 2018 season early, ajayi-had-insurance-policy-to-protect-from-injury-0ap3000000972694″reported that Ajayi had purchased a loss-of-value insurance policy as he entered the final year of his rookie contract. That ended up being a wise move.

Ajayi, who had long had knee issues, tore his ACL in October of 2018, not that long after he helped the Eagles win their first-ever Super Bowl championship to cap the 2017 season.

While Ajayi rehabbed and played again in the NFL, he was never the same. In 2019, he played in just three games for the Eagles but had just 30 yards on 10 carries; he had nothing left.

While it’s unclear how much of that $5 million policy Ajayi received in the settlement, it’s worth noting that Ajayi never signed the big second contract so many NFL players yearn to get.

Ajayi was a fifth-round pick and his

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June 4, 2022 by INSURANCE

Mine collapse in Providence raises insurance concerns

Mine collapse in Providence raises insurance concerns

HENDERSON, Ky. (WFIE) – After a mine collapse in Providence was reported on Wednesday, 14 News sat down with an Insurance agent to discuss how mine-related home damage can be covered.

James Roll with Vaughn Insurance in Henderson said if you live near that mine, it’s time to check out your existing insurance policies.

“See if they have mine subsidence listed on their declaration page,” he said. “That will tell them if they have the coverage and they can read through their policy and find the form that will actually describe the coverage and how it affects their policy.”

Subsidence insurance was also recommended a few weeks ago when surveys in McLean County showed subsidence risks.

Roll said that in many counties throughout the commonwealth, subsidence coverage is required, unless you fill out a waiver.

He said that can be risky.

“If you don’t have the coverage on your home insurance policy, and you have a mine subsidence issue, then you have to go through the legal recourse of trying to sue the mining company and try to get your home repaired that way,” Roll said.

He said even getting the insurance can have its drawbacks.

In particular, Roll said

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June 3, 2022 by INSURANCE

New VA Benefit Will Sell Guaranteed Life Insurance to Most Veterans

New VA Benefit Will Sell Guaranteed Life Insurance to Most Veterans

A new Department of Veterans Affairs life insurance policy for veterans of any level of disability rating is just six months away from launching.

In a blog post Monday, the VA reminded veterans it will begin offering Veterans Affairs Life Insurance, or VALife, on Jan. 1, 2023, in line with a law passed last year, with applications opening that day.

VALife will be open to all veterans 80 years old or younger who have a disability rating of 0 to 100. Older veterans will also be eligible if they applied for VA disability compensation before age 81 but did not receive the disability rating until after turning 81, and if they apply for the life insurance within two years of getting the rating.

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“The new program meets the needs of service-connected veterans who may not have previously qualified for life insurance with VA,” the blog post said.

VALife is what’s known as guaranteed acceptance whole life insurance. That means no medical exams or health questions are required to be approved, with the VA in its blog post saying the plan will have

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June 3, 2022 by INSURANCE

What is an insurance rider in a homeowners insurance policy?

What is an insurance rider in a homeowners insurance policy?

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

What is an insurance rider in a homeowners insurance policy?

If you’re worried your homeowners insurance policy doesn’t provide enough protection, you may want to take out an insurance rider for additional coverage. (Shutterstock)

Homeowners insurance can give you peace of mind that your home and financial interests are protected. How much coverage you get from homeowners insurance varies by policy, but you generally get some level of protection when it comes to liability, your home’s structure, your belongings, and additional living expenses. 

That being said, homeowners insurance policies don’t cover everything, and you may need to purchase an insurance rider to get the full coverage you want. 

Here’s what you need to know about insurance riders.  

With Credible, you can easily compare homeowners insurance quotes from top insurance carriers.

What is a homeowners insurance rider?

A homeowners insurance rider acts as an add-on to a homeowners insurance policy. You may also hear riders referred to as endorsements or

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June 3, 2022 by INSURANCE
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