Another extremely important piece of your auto insurance policy is the Uninsured or Underinsured bodily injury (UIM coverage). In Virginia, these car insurance policy limits are usually sold at the same level as the liability limits. It is important to carry this coverage in case the person who hits you does not have enough or any insurance to cover the costs associated with the accident. Vaden Warren, Charlottesville Personal Injury Attorney explains and gives examples of this type of coverage.
Question by Mikey B: Where can I purchase a stand-alone earthquake insurance policy for a residence in the state of Virginia?
I had earthquake insurance for several years with a well known company as part of a home owners’ policy. Unfortunately, they have recently notified me that they are no longer going to cover residents of Virginia. I could change companies but, this is a hassle and I lose the discounts that I have earned over the years for not having filed a claim. Therefore I would like to find a policy that covers only earthquake damage. Thank you for your help with this matter. It is greatly appreciated.
Answer by mbrcatz17 Well, ANY property carrier should be able to do it, but it’s NOT going to be as cheap as it was on your homeowners policy.
So if your current policy is through an independent agent, ask them to get you a quote on stand-alone earthquake coverage. If it’s through an Allstate, or State Farm, they likely won’t be able to help you, as you’re MOST likely looking at a surplus lines carrier.
SO. You’ll need a referral from your current agent, to an independent that will be willing to help you.
Keep in mind, this policy will PROBABLY have a minimum premium of around $ 2500, with a 5% deductible. That’s the cost to issue this type of policy. You were PROBABLY paying around $ 200 to $ 300 on your homeowners policy. There’s a HUGE price difference. You REALLY might be better off moving the homeowners policy.
Know better? Leave your own answer in the comments!