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Earthquake Insurance

Guide to Earthquake Insurance


There is a staggering number (approximately 200,000) of earthquakes that strike every year, most of which happen in over 40 of the more highly exposed states. While the majority of earthquakes pass by with no one even noticing, some can lead to catastrophic damages. Typical homeowners insurance coverage will likely fall way short (or have zero protection) when it comes to earthquake damage. If you reside in a region that is at risk of temblors, separate earthquake protection is a highly reasonable and cost-effective method to protect one’s home and his or her personal items in the event of such a damaging and/or dangerous event.

Who Needs Earthquake Coverage

Earthquakes can occur at any place and at any time, but some areas of the U.S. are more exposed to earthquake activity. If you reside in a high-risk area, certainly in the Western areas of the country, earthquake coverage can be not just a smart but a necessary investment. This type of coverage protects a policyholder should he or she need to replace personal items destroyed in an earthquake or if he or she needs to rebuild or repair the home in the wake of this kind of a disaster or even get help in paying for temporary lodging when structural damage renders one’s home unlivable.

If you own your own home, your coverage limit will usually equal the same level for earthquake coverage as home insurance coverage. The following is what good earthquake insurance covers:

• One’s personal belongings, including furniture, appliance, wardrobe, electronics, etc.

• Home repairs and for additional structures like garages

• The repair or rebuild of a damaged home resulting from severe damage or destruction

• Help with living expenses if the home is unlivable during repairs

Earthquake policies can be amended to include additional coverage for needed repairs, land restoration, building code corrections, debris removal, and assistance to replace additional structures like a tool shed or carport.

How the Coverage Works

An earthquake policy varies from a home insurance policy in that it will have a higher deductible that is subtracted from one’s claim award. Depending on the policy choice, the deductible may be 5%, 10%, or 20% of the coverage limit. Some coverage options also use separate deductibles for personal belongings and other components of an overall plan.

If one resides in a region that is at higher risk for earthquakes, this kind of coverage is a cost-effective method for protecting the home and ensuring the policyholder has the ability to survive should the home need to be repaired or rebuilt. Contact an insurance agent today for a quote on earthquake insurance and to discuss the coverage you need.