In California why mortage lenders require fire insurance but not earthquake insurance?
I asked a similar cross-question but I am still curious why near the threat of earthquake so strong within parts of California why mortgage lenders don't require borrowers to seize earthquake insurance similar to fire insurance
Answers:
California have lots of brush-fires when it get hot, especially around San Diego
Most insurance companies consider an earthquake an "exploit of God" and they don't salary out on an "work of God".
Response to what Funny Girl wrote:
In California, adjectives insurers of residential property must present earthquake insurance. However, over 2/3 of residential property insurance in California is from companies that use CEA (California Earthquake Authority) instead of assuming the risk themselves.
Since it is available, somehow, the give somebody the third degree remains: why don't mortgage lenders require it?
With regard to Funny Girl - she is wrong. No where on earth within the policy does it vote they do not cover Acts of God. Your homeowners policy does cover most with ease occurring events.
I don't really own an answer for your put somebody through the mill I am simply tired of inhabitants axiom what Funny Girl did because it is so blatantly wrong.
OK, in that's no such article within insurance as an "deed of God". People fashion that up. I've NEVER EVER EVER read those words on a policy.
I don't enjoy a REAL answer for you, but I hold some guesses. 1. MOST of the significance of the average CA home is the LAND worth. The insurance policy in fact covers the BUILDING, which is usually with the sole purpose something like 20% of the meaning of the property combined. So EARTHQUAKE plunder isn't going to cover anything except the house. So coverage isn't going to reimburse past its sell-by date the integral loan, anyway. 2. I reason the IDEA of earthquake within CA is much wider than the claims that support it. Sure, here are rumbles. But so far, not much contained by dollar damages. That's probably a combination of construction technique, and the reality that damages tend to be centralized to a few square miles.
Again, not facts, newly guesses. And humiliate anyone who say, "Act of God" near regard to insurance; it resources they don't know what they are conversation give or take a few.
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Answers:
California have lots of brush-fires when it get hot, especially around San Diego
Most insurance companies consider an earthquake an "exploit of God" and they don't salary out on an "work of God".
Response to what Funny Girl wrote:
In California, adjectives insurers of residential property must present earthquake insurance. However, over 2/3 of residential property insurance in California is from companies that use CEA (California Earthquake Authority) instead of assuming the risk themselves.
Since it is available, somehow, the give somebody the third degree remains: why don't mortgage lenders require it?
With regard to Funny Girl - she is wrong. No where on earth within the policy does it vote they do not cover Acts of God. Your homeowners policy does cover most with ease occurring events.
I don't really own an answer for your put somebody through the mill I am simply tired of inhabitants axiom what Funny Girl did because it is so blatantly wrong.
OK, in that's no such article within insurance as an "deed of God". People fashion that up. I've NEVER EVER EVER read those words on a policy.
I don't enjoy a REAL answer for you, but I hold some guesses. 1. MOST of the significance of the average CA home is the LAND worth. The insurance policy in fact covers the BUILDING, which is usually with the sole purpose something like 20% of the meaning of the property combined. So EARTHQUAKE plunder isn't going to cover anything except the house. So coverage isn't going to reimburse past its sell-by date the integral loan, anyway. 2. I reason the IDEA of earthquake within CA is much wider than the claims that support it. Sure, here are rumbles. But so far, not much contained by dollar damages. That's probably a combination of construction technique, and the reality that damages tend to be centralized to a few square miles.
Again, not facts, newly guesses. And humiliate anyone who say, "Act of God" near regard to insurance; it resources they don't know what they are conversation give or take a few.