Earthquake information

If you own your home, adding earthquake coverage is an important first step – but it may not be enough on its own. 

Earthquake Deductible Buy Down (EQDB) 

EQDB protection helps reduce your out-of-pocket costs by lowering your effective deductible in the event of a claim. 

Product highlights: 

• Protects your financial security by reducing your earthquake deductible
• Affordable premium, making Earthquake Insurance more accessible
• Lower deductible (minimum $2,500) removes additional stress in the event of an earthquake claim, so you can deal with other urgent matters
• Flexibility – choose a 5% or 10% deductible to best fit your financial situation 

It works in two important ways: 

1. Responds to minor damage
Most earthquake damage isn’t catastrophic. In many cases, losses fall below your home policy’s earthquake deductible, which is different than your main home insurance deductible.  This means your base coverage wouldn’t respond. 

With EQDB, once your loss exceeds the lower buy down deductible, the policy steps in to cover the portion of damage that falls below your main policy deductible. 

Example:
Your home has a $100,000 earthquake deductible, but you’ve purchased EQDB for a reduced deductible of 10% at $10,000.
If you experience $80,000 in damage, your base earthquake policy wouldn’t respond because it’s below $100,000- but with EQDB coverage it would because your deductible is reduced, helping cover the loss above $10,000. 

2. Responds to catastrophic losses
In a major earthquake, where damage exceeds your main policy deductible, EQDB reduces how much you pay out of pocket. 

Instead of covering the full $100,000 deductible, your responsibility is reduced to the lower EQDB amount. 

Example:
If your home suffers $400,000 in damage, your EQDB coverage can reduce your out of pocket cost from $100,000 down to $10,000. 

Why it matters
After an earthquake, the last thing you want to worry about is whether you can afford to repair your home. EQDB gives you more manageable costs and more peace of mind. 

Earthquake coverage for condo and townhome owners is a little more complex. 

That’s because you’re responsible for:

• Your unit (through your condo insurance policy)
• A portion of damage to the building’s common property (through strata assessments)  

To be fully protected, you’ll typically need three layers of coverage: 

1.  Earthquake coverage on your condo policy 

This protects your unit, improvements, and personal belongings – but like home insurance, it comes with a high deductible. 

2. Earthquake Deductible Buy Down (EQDB)

Just like with homeowners, EQDB helps reduce your deductible and ensures coverage responds – even for smaller losses. 

• Covers damage that falls below your main policy deductible
• Reduces your out-of-pocket costs in larger claim

3. Earthquake Strata Assessment Coverage (EQST)

In a major earthquake, your strata corporation may issue a special assessment to cover damage to common property – like the building structure, roof, or shared areas. 

EQST helps cover your share of those costs, up to a limit of $35,000.

Responds to strata assessments
EQST covers special assessments charged by your strata because of earthquake damage, helping protect you from significant, unexpected expenses. 

Example:
After an earthquake, your strata issues a $2 million repair bill. Your share is $60,000. Without EQST, that cost comes out of pocket. With coverage, you’re protected up to $35,000.

Why full earthquake protection matters 

Earthquake losses may not be frequent but they can be financially overwhelming. It doesn’t have to be though. 

With the right combination of coverage, you can:

• Reduce large deductibles to more manageable amounts
• Ensure smaller, more common claims are covered
• Protect yourself from unexpected strata assessments
• Focus on recovery – not finances – after a major event  

Because when an earthquake happens, your priority should be your safety and your home – not whether you can afford to rebuild. 

If you rent your home, earthquake coverage is available to protect your belongings.  This helps to ensure you have coverage if your home is damaged during an earthquake and you need to replace your belongings, even if you don’t own the building or unit.

Earthquake Deductible Buy Down (EQDB) 

EQDB protection helps reduce your out-of-pocket costs by lowering your effective deductible in the event of a claim. 

Product highlights: 

• Protects your financial security by reducing your earthquake deductible
• Affordable premium, making Earthquake Insurance more accessible
• Lower deductible (minimum $2,500) removes additional stress in the event of an earthquake claim, so you can deal with other urgent matters
• Flexibility – choose a 5% or 10% deductible to best fit your financial situation 

It works in two important ways: 

1. Responds to minor damage

Most earthquake damage isn’t catastrophic. In many cases, losses fall below your tenant policy’s earthquake deductible, which is different than your main tenant insurance deductible.  This means your base coverage wouldn’t respond.

With EQDB, once a loss exceeds the lower buy down deductible, the policy steps in to cover the portion of damage that falls below your main policy deductible.

Example:

Your tenants policy has a $10,000 standard earthquake deductible, but you’ve purchased EQDB for a reduced deductible of 10% at $2,500.
If you experience $8,000 in damage to your belongings and need to replace them, your base earthquake policy wouldn’t respond because its below $10,000- but with EQDB coverage it would because your deductible is reduced, helping cover the loss above $2,500. 

2. Responds to catastrophic losses
In a major earthquake, where damage exceeds your main policy deductible, EQDB reduces how much you pay out of pocket. 

Instead of covering the full $10,000 deductible, your responsibility is reduced to the lower EQDB amount. 

Example:
If your belongings are destroyed and would cost $95,000 to replace, your EQDB coverage can reduce your out of pocket cost from $10,000 down to $2,500. 

Why it matters
After an earthquake, the last thing you want to worry about is whether you can afford to replace your belongings. EQDB gives you more manageable costs and more peace of mind. 

Large areas of British Columbia are located in seismic zones with high probability for significant damage.  Safety is a priority and knowing what to do before, during, and after an earthquake can save lives and reduce injuries, and also reduce property damage.  We all have a part to play in management of earthquake risk.

We recommend the BC Government website on emergency preparedness, and the Canadian Government website on what to do before an earthquake.

When you feel the ground shake or receive an alert, immediately:

1. Drop to your hands and knees. If you’re inside, stay inside – don’t run outdoors or to other rooms
2. Cover your head and neck with your arm and take shelter under a sturdy piece of furniture. If there is no shelter nearby, crawl to the nearest interior corner or wall while continuing to protect your head and neck
3. Hold On to your shelter, covering your head and neck until the shaking stops

Source

When an event occurs, we will establish a catastrophe office to respond to claims.  Policy holders can report losses to any of our over 250 branch offices, by phone, or in person. Alternatively, you can contact us through our claims page.

We will notify our disaster response teams to put their plans into action and coordinate with civil authorities. We will endeavor to maintain communications and provide policyholders with helpful, accurate, and timely information.

Our insurer partners will also be putting their response plans into action and a policyholder can report the loss directly to them, with your policy number. Click here for their phone numbers and links to their claim websites.