Palomar Specialty Insurance Company (“Palomar”) has launched Equity Protector, a revolutionary residential earthquake insurance policy in California. Equity Protector provides for the protection of $50,000 or $75,000 in Coverage A – Dwelling losses above an industry low 1% deductible. The new product allows Californians to more affordably protect their largest asset from the peril of earthquake and for existing earthquake insurance policyholders, provides an opportunity to buy-down the deductible. Given the differentiated coverage, all insurance agents in California are eligible to offer Equity Protector to insureds through PASS, Palomar’s state of the art online rating platform.
“Only about 10 percent of California homeowners purchase earthquake insurance. Equity Protector’s proper combination of deductible, coverage limit and cost is designed to attract homeowners who have historically shied away from earthquake insurance,” said Palomar CEO Mac Armstrong.
Palomar Specialty Insurance Company (www.PalomarSpecialty.com) is a catastrophe insurer that focuses on earthquake, hurricane and wind-exposed multi-peril homeowners business in catastrophe-exposed states including California, Oregon, Washington, Texas and Hawaii. The company is an admitted carrier in 19 states. Palomar has an A.M. Best financial strength rating of “A-” (Excellent).