LOS ANGELES, – Leading commercial real estate broker Alex Radosevic of Canon Properties responded to inquiries from media, clients and others regarding the recent series of earthquakes that rattled many throughout Southern California. The high-profile broker continues to emphasize preparation, preparation and more preparation when it comes to earthquakes.
“I am often asked about earthquakes after they occur, but the reality is that everyone needs to think about earthquake-related issues prior to any such occurrence. Earthquakes must be regarded as serious and should serve as a reminder to property owners that they need to be vigilant and prepared,” Radosevic said.
“One thing that I always emphasize to commercial and residential property owners is that most insurance policies do not include coverage for earthquakes. Generally, this kind of coverage is a separate expenditure. Some insurance companies offer earthquake coverage as a separate inclusion at an additional cost while others specialize in this particular kind of coverage,” Radosevic says.
The real estate expert also advises property owners to check their policies carefully or alternatively and to contact their insurance brokers or carriers to check and see whether they have earthquake coverage and, if not, whether they have such a need.
“Everyone should make their own decision when it comes to earthquake insurance. This isn’t a ‘one-size-fits-all’ proposition, and, of course, it is up to each individual property owner. However, having knowledge about whether or not they are covered is an important first step. Many have heard the real estate-related axiom ‘location, location, location.’ Property owners in California already know and understand that they are in a high-risk location when it comes to earthquakes. When it comes to earthquakes, I would add ‘preparation, preparation, preparation’ to the mix,” Radosevic concluded.