Policy Questions
How do I apply for an Axis Reinsurance Co. superior earthquake policy?
How soon can my Axis Reinsurance Co. earthquake insurance be bound?
What underwriting is done by Axis Reinsurance Co?
Do I need to pay a deposit?
Company Questions
Who is Quakeinsurance.net?
Who is Arrowhead General?
Who is Axis Reinsurance Company?
Why should I buy an Axis Reinsurance Company earthquake insurance policy?
General Questions
Is earthquake insurance worth the expense?
How are premiums calculated?
What is a deductible?
How much earthquake insurance do I need?
What is the CEA?
What type of coverage can I get for my house?
What type of coverage can I get for my condominium?
What is retrofitting?
Why does it matter if my home is built on a steep slope?
How do I file a claim?
Answers to Policy Questions
How do I apply? After completing the “Residential Instant Quote” form you will be given a quote if you qualify. From there, just complete the additional underwriting information and press submit. We will let you know, usually within 24 hours when your policy is effective.
How soon can my Axis Reinsurance Co. earthquake insurance be bound? Your earthquake insurance can be bound in as little as 24 hours. It can take longer than 24 hours if you submitted your application outside of regular business hours, during a holiday or if you submitted inaccurate information.
What underwriting is done by Axis Reinsurance Co? To qualify for an Axis Reinsurance Co. earthquake policy your home needs to meet certain underwriting criteria established by the Company. By completing our online earthquake quote form, you will immediately find out if your home qualifies or if there is additional underwriting information that will be required.
Do I need to pay a deposit? No up front payment or deposit is necessary. You will be billed once your policy has been issued. Checks and credit cards are accepted. You will have a choice of lump sum or installment bill.
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Answers to Company Questions
Who is Quakeinsurance.net? Quakeinsurance.net is a specialty Website dedicated to earthquake insurance. It is owned by Tegner-Miller Insurance Brokers (TMIB), an independent insurance brokerage that has been doing business for over 100 years. TMIB has insured countless individuals and businesses and has helped them through many of the disasters that have struck California since 1902. TMIB and Quakeinsurance.net have the experience necessary to choose the most appropriate insurance products from companies that are financially sound and offer the most exceptional coverage.
Who is Arrowhead General? Arrowhead General is a general agency that handles many of the administrative functions of Axis Reinsurance Company. Billing will be handled by Arrowhead General.
Who is Axis Reinsurance Company? Axis Reinsurance Company is a member company of AXIS Capital which is rated “A” (Excellent) by A.M Best and “A” by Standard and Poor's. The company has over $9.7 billion in assets For more information visit http://www.axis.bm/investor-centre/frmset-strength.html
Why should I buy an Axis Reinsurance Co. earthquake insurance policy? Axis Reinsurance Company is a financially sound insurance company. They are admitted in California and participate in the California Insurance Guarantee Association (CIGA). Axis offers one of the most comprehensive policies in the marketplace for those who qualify. Their pricing is very competitive in most cases.
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Answers to General Questions
Is earthquake insurance worth the expense? This depends on your income and asset level. If your home were destroyed during an earthquake, would you have the funds to rebuild it without incurring serious economic hardship? If the answer is "no," you probably need earthquake insurance.
How are premiums calculated? Premiums are determined differently by each carrier and can vary widely depending on several rating factors. Generally, older homes cost more to insure than newer homes and retrofitting is important for homes built prior to 1955. Remember, however, that the premium should not be the only consideration when purchasing a policy. Often, you can find policies with low premiums but at the expense of adequate coverage. Unless you absolutely do not need extensive coverage, do not forgoe benefits for lower premiums. You do not want to find out after the fact that your home is not covered. Call us for help with making this decision.
What is a deductible? The deductible is the portion of the claim that you are responsible for before the carrier starts to pay. Although deductibles vary by contract, most residential policies offer 10% or 15% deductibles. Deductibles can apply to each individual coverage such as dwelling, personal property or to the combined amount of coverage.
How much earthquake insurance do I need? You need enough earthquake insurance to pay for the rebuilding or repair cost of your home. This amount should be reevaluated anytime a change is made to your home such as after remodeling. At a minimum, your home's rebuilding cost should be reevaluated once a year. Keep in mind that after a major earthquake, contractors are able to charge premium prices because people want the work done immediately and there is a shortage of qualified contractors.
What is the CEA?The California Earthquake Authority (CEA) is a privately owned but publicly managed insurance company unaffiliated with the California Department of Insurance. The CEA was created by the California State Legislature in 1996 in response to the critical problems that arose after the Northridge Earthquake of 1994. Its primary focus was to allow insurers to continue providing earthquake insurance at a time when most insurance carriers were withdrawing from the market. In many cases, however, this meant higher premiums and fewer benefits. If your residence is insured by an insurance company that is a member of the CEA, then the earthquake insurance offered by your insurer is a CEA policy.
What type of earthquake coverage can I get for my house? A policy for a single family residence may include the following coverages:
- Dwelling: The structure and all permanently installed fixtures
- Other Structures: Structures not directly attached to your home (detached garages, guest homes, pools, walkways, etc.)
- Personal Property: The belongings inside your house
- Additional Living Expense: Pays if you have to live elsewhere while your house is being rebuilt (Important!)
- Building Codes & Ordinances: Pays for upgrades to, or demolition of, your home due to building ordinances
What type of earthquake coverage can I get for my condo? A policy for a condominium or townhome may include the following coverages:
- Dwelling: This is the unit owner's additions and alterations. May include floor and wall coverings, plumbing and lighting fixtures, cabinets, installed appliances and interior walls. Consult your CC&R's to find your responsibilities.
- Personal Property: The property inside your condo or townhome.
- Additional Living Expense: Pays if you have to live elsewhere while your house is being rebuilt. (Important!)
- Building Codes & Ordinances: Pays for upgrades to, or demolition of, your home due to building ordinances
- Earthquake Loss Assessment: Pays if you are assessed by your homeowners association for an earthquake loss.
What is retrofitting? Retrofitting is the process of bringing older homes up to modern standards of earthquake preparedness.
Why does it matter if my home is built on a steep slope? Generally, the steeper the slope, the greater the likelihood that your home will slide during an earthquake.
How do I file a claim? The toll-free claims number is 877.233.9722, fax 619.744.0706
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