Residents of Washington will have a little more protection the next time an earthquake hits the state as Concord, Calif.-based Geo Vera Insurance Company will immediately begin selling residential earthquake policies in that state.
Geo Vera, which has had residential earthquake coverage available since 1997, has a comprehensive policy which offers a 10 percent deductible and provides a combined single limit of protection which covers the dwelling, contents, along with other structures. The policy also provides an additional living expense or payment for loss of use which lasts up to one year. Also available is protection for demolition and debris removal, building code upgrade, along with loss appraisal. Agents and brokers are the main sources of the policies.
Geo Vera and Pacific Select, which were acquired by Geo Vera a year ago, make up nearly 10 percent of California’s residential earthquake insurance market.
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