Earthquake damage, like flood damage, is typically not included in a homeowner's insurance policy. It requires a separate policy.

So you need to ask yourself the question - if there was an earthquake and you needed to rebuild your home, would you be able to afford to do so without sacrificing your retirement, your children's education, or any other financial goals that you have. And if the answer is "no", then you need to dig a little bit deeper and see if an earthquake insurance policy would be right for you.

It's not going to be just for people that live on fault lines. New fault lines are being discovered all the time. Go to USGS.gov and look at the seismic hazard map. That will give you an idea if you are in a high-risk area.

When you go ahead and purchase the policy, the cost is going to depend on where you live, the type of home that you have, and the amount of coverage that you want. That is going to dictate your premium. Lower premium policies are going to come with a higher deductible and vice versa.

So you can go ahead and call your homeowner's insurance company to see what options they have for you, if anything, or if you have to go to a stand-alone earthquake insurance company. Go ahead and share that with your financial planner so you can come up with a strategy to protect your home and that asset.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.