The Big One. Preparing for Earthquakes and Other Natural Disasters
The Big One. A phrase all too familiar to many Californians. While there is a lot of buzz around a significant earthquake hitting the Golden State; in actuality an earthquake can happen anywhere at any time. Having an actionable plan in place is essential in order to protect yourself and your assets.
Traditional insurance policies do not cover damage resulting from earthquake or earth movement. It is estimated that most real estate property owners who experience a loss as a result of an earthquake will not have the funds available to repair or replace their property. Many people erroneously believe that FEMA will step in and help if there is an earthquake; that is simply not true. FEMA does offer Small Business Loans, up to $2 million, to help replace damaged property or restore its pre-disaster condition; however it is up to the business or real estate owner to pay back all loans in full. A better solution is to acquire an earthquake policy to make sure your assets are fully protected in the event of a disaster.
"Now is the time to start implementing best practices and procedures as a proactive risk management safeguard if/when the next one occurs, not after."
Many real estate owners in earthquake-prone geographies, especially in California, have heard and read about the next "Big One," said Jonathan Naranjo, Senior Vice President and Real Estate Practice Leader at Newfront. “Disaster preparedness and responsiveness in the event of a tragic event is critical and can save lives. Now is the time to start implementing best practices and procedures as a proactive risk management safeguard if/when the next one occurs, not after."
Moderator: Jonathan Naranjo - SVP, National Real Estate Practice Leader at Newfront
Not all policies are created the same, so it is essential to engage with a trusted advisor to make sure your assets are covered.
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