Gordon Thomas Honeywell LLP, November 2017
Mike Ricketts shares insurance coverage advice related to earthquake, flood or wildfire devastation.
“Earthquake insurance is kind of like flood insurance: you’re not going to be required to have it—lenders will take the risk that it won’t happen in our lifetimes—but a sophisticated entity will probably have that type of policy,” Ricketts says.
“Everyone is waiting for the big one and we have to be prepared, but I don’t know that people will buy insurance for that because it’ll be an unprecedented event, if and when that should happen. … If it’s a total disaster, people typically don’t buy insurance that covers the value of a building falling down. It’s not like you turn it over to the insurance company and they take care of it; they only take care of a portion of your loss.”
Excerpt from Super Lawyer article written by Judy Malmon
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