Hopefully, we’ll never need to use it, but earthquake insurance is an important coverage available throughout Canada. Some areas are more likely to be hit by an earthquake than others, but an earthquake occurs every 30 seconds on average—it’s better to be safe than sorry.
If you currently have home insurance, then it’s important to know that most policies exclude earthquake damage by default. You must usually add a rider to your policy. This comes with an additional premium and, usually, a separate deductible. However, depending on where you live, and the deductible you choose, earthquake insurance can be quite affordable.