CBS47 On Your Side: Do you need earthquake insurance

You may have been wondering after last week's earthquakes, if you should worry about local damage when the big one hits.

AAA insurance agent, Anne-Marie Avellar says earthquake insurance is often overlooked.

So what does it cost?

Avellar says it's all about location of your home. Is it near a fault line, like the San Andreas?

According to the Department of Insurance, only three percent of single-family home and condo owners with fire insurance, also had an earthquake policy in 2017.

But unlike a homeowners policy with a set deductible.

An earthquake insurance deductible is based on specifics of the home itself.

Avellar says, "So the minimum deductible would be $15,000 up to as much as $85,000 deductible, on a very nice high end home."

Avallar says earthquake insurance is primarily covered through the California Earthquake Authority, a privately funded insurer managed by the state.

Because it works side by side with your homeowners insurance, Avellar says you want get it through the same company.

According to the C.E.A., the likelihood of a major quake striking the greater Fresno area - including Kings, Kern and Tulare counties, in the next 30 years is 75 percent.

Civil engineer professor Dr. Kimberly Stillmaker says structural safety codes have improved over the years, so the older your home is the more susceptible it may be in an earthquake.

Stillmaker says, "It just depends on where it occurs? How close it is? How deep it is? The type of movement of the Earth. There is a lot of factors that play into it."

You can check the rates for your home with the CEA's online calculator.