Earthquake Insurance Coverage
May 23, 2008
Replacing or repairing damage to your home and possessions caused by an earthquake can be expensive. Typically, earthquake damage is significant and urgent. Most basic homeowners insurance policies do not include the repair of damages caused to your home and damage or loss of your possessions due to an earthquake. So, opting for additional earthquake insurance is prudent.
How to get Earthquake Insurance?
Usually, you can usually add earthquake coverage to your current homeowners’ insurance policy.
What to cover in Earthquake Insurance?
Earthquake insurance coverage can include:
1. repair and replacement of your earthquake-damaged property;
2. repair and replacement of the contents of your earthquake-damaged home;
3. cost of temporary living expenses in the event that your home is completely destroyed due to an earthquake.
4. other factors specified by you, such as adjacent buildings like a garage.
How Much Coverage should you get?
Ideally, the amount of earthquake insurance you take out should cover the cost of completely rebuilding your home and replacing or repairing your damages.
Earthquake Insurance Premiums
Your premium for adding additional insurance for earthquakes will depend on:
1. the age of your home
2. the building materials used in the building
3. the construction method used for your home
4. the exact location of your home, particularly its proximity to zones with high earthquake probability.
Typically, newer homes and those made of wood tend to be more earthquake resistant. Homes not located in earthquake prone areas represent a lower risk to insurance companies. This led them to charge a higher premium for older homes, homes made of brick, and homes located in an earthquake-prone area.
Conclusion
Particularly if you live in a geographic area where earthquakes are likely, yous should seriously consider taking out this extra coverage, both for peace of mind and real security.
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