Earthquake Insurance & Risk Management
Are You Prepared?
BY: KEVIN CASEY, CLIENT EXECUTIVE, PARTNER, CMW
T
he possibility of an earthquake affecting the Lower Mainland
is a very real threat. Being in the Cascadia Subduction Zone,
a subduction quake, as experienced in Chile and Japan, could be
devastating. Generally, the only thing you can do is prepare and
be ready in the event that an earthquake occurs. There are steps
that you can take inside your home to minimize the potential
for damage. Beyond those preparations, including earthquake
insurance as part of your current homeowner policy is essential.
Here are a few things you should do for earthquake preparedness:
• Prepare your unit for a quake: know where your shutoffs are, secure objects and wall hangings, have a family
emergency plan and contact list, know where the safest
areas of your home are.
• Have an up-to-date emergency kit at home and in your vehicle.
Following an earthquake, it can take longer than expected for
emergency responders to mobilize, and their response will
be prioritized. The Government of Canada suggests that you
prepare to take care of yourself for 72 hours.
• Have a plan of what to do during an earthquake, whether
indoors, outdoors, or in your vehicle.
strata earthquake deductible is applied. The deductible is applied as
a percentage, typically 10% to 15%, of the insured