Palomar Specialty Insurance Company has launched Equity Protector, a residential earthquake insurance policy in California. Equity Protector provides for the protection of $50,000 or $75,000 in Coverage A – Dwelling losses above an industry low 1 percent deductible. The new product allows Californians to protect their largest asset from the peril of earthquake and for existing earthquake insurance policyholders to buy-down the deductible. All insurance agents in California are eligible to offer Equity Protector to insureds through PASS, Palomar’s online rating platform.
“Only about 10 percent of California homeowners purchase earthquake insurance. Equity Protector’s proper combination of deductible, coverage limit, and cost is designed to attract homeowners who have historically shied away from earthquake insurance,” said Palomar CEO Mac Armstrong.
Palomar Specialty Insurance Co. is a catastrophe insurer that focuses on earthquake, hurricane and wind-exposed multi-peril homeowners business in catastrophe-exposed states including California, Oregon, Washington, Texas and Hawaii. The company is an admitted carrier in 19 states.