Making Changes to Earthquake Insurance in Texas
It is possible to make changes to your policy any time of the year, depending on the type of earthquake policy and the insurance company. In most cases, it is best to alter your earthquake policy annually. Some private insurance providers require documents like the policy certificate, valid photo ID, address proof, request letter, etc., to approve changes made to an earthquake policy.
Can I Make Changes to the Coverage of Earthquake Insurance Policy?
Yes, it is possible to make changes to your earthquake coverage. Making these changes is important to avoid paying high earthquake premiums, which insurance companies often adjust annually. Speak with your insurance agent in Texas to review your policy before making changes to it.
What Can Be Changed in Earthquake Insurance?
In Texas earthquake insurance you can make both the basic changes, that do not affect the earthquake premium, and the more significant ones, that may raise or lower the premium costs.
Basic changes that can be done to the earthquake policy without affecting its costs are administrative and personal changes, such as the corrections to personal information:
Misspelled names
Wrong contact details, etc.
The types of changes that can result in the adjustment of the coverage price are:
Other changes that can affect your
Adding or removing an earthquake coverage type,
Changing the amount of deductible, and
Changing the coverage amount.
Always discuss the desired changes with a licensed and knowledgeable property insurance agent prior to making the change.
How Can I Make Changes to an Active Earthquake Insurance Policy?
Consult a licensed insurance agent in Texas to review your earthquake coverage and discuss your needs. Speak with either the agent of record (who sold you the earthquake coverage) or the insurer currently providing coverage. Most changes that do not affect the cost can be initiated and finalized over a call or email. If the adjustment results in the change of premium, you may be required to go through additional steps before the changes can be implemented:
Providing additional verification of your identity and
Signing documents acknowledging the change (on paper or digitally)
Can I Add Property to Earthquake Insurance?
Yes, adding a property to earthquake insurance is possible, provided you meet your insurer's requirements. Note that this change will affect your earthquake insurance premium and deductible. While the overall cost of coverage is likely to go up due to the additional property that must be insured, you will also likely get a multi-policy discount for having more than one item insured with the same insurer.
Can I Remove Property from Earthquake Insurance?
Yes. You can remove a property from your Earthquake insurance policy. However, it is important to discuss this with your licensed insurance agent in Texas before removal, so you fully understand how this change will affect you and your insured property. While the overall cost of coverage is likely to go down due to the removal of property that no longer needs to be insured, you will also likely lose the multi-policy discount or will get less of a price cut, compared to when your insurer was insuring more of your stuff.
What Can Be Changed in Earthquake Insurance without your Consent?
No one can make changes to your Texas earthquake policy without your consent. An attempt to change the terms of the earthquake coverage without your consent is a breach of contract, also known as bad faith insurance. You should speak with a licensed insurance agent and/or the state insurance regulators if you notice any changes without your consent.
