Earthquake Coverage
Earthquake coverage is an optional endorsement for all policy types that can be selected on the Coverage tab in the Portal.
This endorsement adds coverage when a loss occurs due to an earthquake, including land shock waves or tremors before, during, or after a volcanic eruption. One or more earthquake shocks that occur within 72 hours constitute a single earthquake.
This endorsement does not provide coverage for the following:
- Flood losses that are caused by or result from an earthquake
- Cost of filling the land
A separate deductible is applied to this policy when the endorsement is added, which can be adjusted in the Portal.
Man-made earthquakes are excluded in applicable states.
Earthquake Loss Assessment Coverage
Earthquake Loss Assessment coverage can be added by endorsement when Earthquake coverage is selected. It broadens the base loss assessment coverage to include earthquakes. Coverage is triggered when an association assesses the insured because of damage to association property from an earthquake.
The coverage provided by this endorsement does not include assessments charged by any governmental body or as a result of flood damages caused by or resulting from an earthquake.
What is Openly’s Stance on HOAs?
A Homeowners Association (HOA) creates and enforces rules for a subdivision or planned community, with its members being the residents. An HOA can only be included in an Openly policy as an Additional Interest, found under the Parties tab. If the HOA is in charge of maintaining the home's exterior, the dwelling becomes ineligible for coverage under Openly.
Loss Assessment coverage is included on an Openly policy, while Earthquake Loss Assessment is an optional endorsement; both may be useful for policyholders who are residents in an HOA.
Additional Information:
Who Can Be Listed As Additional Interests?
What Additional Coverages Are Offered With An Openly Policy?
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