Should Orange County, California Residents Rely on Earthquake Insurance – or Government Bailouts?


While the state of California offers earthquake insurance to residents, many homeowners choose not to buy policies – opting instead to rely on government aid if an earthquake strikes. If you are trying to decide which option is best for you, consider the following:

If a quake is declared a disaster, the government will provide low interest loans for home repairs through the Small Business Administration. BUT, the loans only go up to $200,000 and you have to qualify to get one. You also have to pay it back, and even 3% interest adds up over thirty years.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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