1. Excellent financial ratings. CEA's financial strength is rated A- (Excellent) by A.M. Best Company (a company that rates insurance companies).
2. Expert service. CEA policies are available exclusively through CEA's participating insurance companies, which handle CEA-policy applications, renewals, billing, and claims.
3. Rates based on science, not profit. By law, CEA rates must allow it to remain financially sound and to pay all its covered claims. CEA rates are based on the best available science for assessing earthquake risk and do not include any amount for profit.
4. Not tied to government budgets. California's budget issues have no impact on the CEA's ability to pay its claims, because the CEA is a privately financed entity and receives no money through the state budget.
5. Without earthquake insurance, the cost of any damage is your cost. If your CEA policy claim exceeds your deductible, you don't actually have to pay the deductible before claim-payment eligibility is triggered.
A CEA policy provides you with access to $1,500 for emergency repairs - which is not subject to your deductible - to let you secure your property and avoid further damage after an earthquake.
A CEA policy will help you replace damaged furniture and household items, and if you cannot live in your home after an earthquake, you may also get help covering your additional living expenses.
If your condominium imposes an assessment to repair damage caused by an earthquake, Loss Assessment coverage may pay your share of certain assessments.