Devoted to the Insurance industry and all thing related

If you’ve been a victim of a landslide or live in a landslide prone neighborhood you might be happy to know that there is specific insurance for this type of risk.  Few agents are offering landslide insurance but it is available according to a lengthy and informative article in the Los Angeles Times.

A company backed by the monster insurer Lloyds of London, AmWINS Insurance Brokerage of California, offers landslide insurance in California and 22 other states.  The coverage can be pricey according to the article “For a home valued at $350,000, the annual cost is about $1,000.  For a $500,000 home, it's $1,650; for $1 million, $3,300. And that doesn't include inspection fees and other charges.”

Some of the policy details are as follows:

“The policy covers the house, contents, garage, outbuildings and loss of use. It doesn't cover the land, driveway, swimming pool or fences.  Coverage is limited to $5 million for residential and commercial properties.  The deductible is generally 5% of the structure's value.”  

Aren’t most people who buy a home on the side of a hill fairly well off?  If so them I’m not feeling too bad about the relatively high cost of landslide insurance.  The high cost stems from the small pool of risk that constitutes the landslide insurance market.  

If you’re considering purchasing a home on a hill or in a landslide prone area then take a few important steps during the buying process.  According to the Insurance Information Institute of California, “Beyond a home inspection, hire a soils engineer to determine the potential for a slide.  And find out about previous landslides in the area.”