What is it?
Earthquake Deductible Buyback insurance covers earthquake deductibles (EQ deductible) and is available through Bridges International Insurance Services for buildings located in British Columbia.
Prepare for earthquake BC with this insurance, which offers the perfect solution for high EQ deductibles.
How it works:
An average EQ deductible ranges from 8% to 20% of your home’s insured value.
You may wonder why you should get earthquake deductible buyback (EQDB) insurance if the deductible is high. The reason is that this coverage protects against large or total losses. In the event of an earthquake, having EQDB coverage can help you avoid financial ruin.
Question: Can you afford the earthquake deductible?
For instance, if you have a house insured at $500,000 with a 10% EQ deductible, you would face a $50,000 deductible for earthquake damage claims. However, if you choose to have EQDB coverage, your EQ deductible will be paid by the policy, up to the limit you have bought, with a $5,000 deductible.
Earthquake Deductible Buyback insurance coverage is available for all type of insurance.
- Homeowners Coverage:
Protect your homes and personal property by this coverage.
- Business Coverage:
Business owners can also protect themselves from significant or complete losses caused by earthquakes. - Condo & Strata Deductibles:
This policy not only covers contents, extra living costs, betterments and improvements, but it can also include the remaining strata loss assessment coverage required for the EQ deductible of the strata building. All of this coverage comes in effect when earthquake coverage is triggered on the required primary insurance policies.
For any questions, updated rates, or comments regarding our EQ deductible buyback product, please contact us through the online quote request form. Additional coverage for $500,000 is now available.
Items to remember (Earthquake Deductible Buyback Insurance):
- Most locations qualify for coverage as long as you carry earthquake coverage on your primary policy.
- One location per contract therefore if you own multiple locations, please discuss with us how many policies you should get.
We live in an area of the world where earthquake coverage is necessary.
Additionally, living in an area prone to earthquakes requires having earthquake insurance coverage. Finally, it is crucial to understand that every insurance company applies a separate deductible to earthquake coverage. In other words, your standard home insurance deductible does not apply in the event of an earthquake loss. Therefore, it’s important to ask yourself: Are you prepared?
Remember, the purpose of EQDB coverage is to ensure that you don’t deplete your savings to pay a deductible..
Bridges International Insurance Services: 1-888-267-4461 or info@biis.ca