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Earthquake Insurance


Earthquake insurance comes in many different varieties, so it is important to evaluate your choices to be sure that you get the right coverage for you.
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The insurance business has an equation that they often use: Hazard + Exposure + Vulnerability = Risk. It may not mean much to you as an average customer, but it is a very important fact if there is an earthquake in your area. While most people assume that you only need earthquake insurance if you live in a high risk area like California, this is not the case. In fact 40 states have some risk of earthquake at any time.
Coverage that help you to repair your property or replace property is essential. A regular homeowner’s policy will not cover an earthquake, which means that you need to have additional coverage. An earthquake policy can pay for damages, as well as give you coverage for any temporary expenses you could have if you are unable to live in your home.
FEMA (The Federal Emergency Management Agency) has identified areas that are at high risk. If you live in an area that they have listed, it is essential that you look at the earthquake insurance options that you have. Evaluate your own financial situation (will you be able to afford repairs?) in determining if it is the best choice for you and your family.
Most policies will protect you from the financial ramifications of structure damages, as well as the loss or damage of your personal belongings. If your policy limits will not cover your contents, you want to look at additional coverage to be sure that you are able to replace those belongings that are lost or damaged. Coverage for temporary expenses, such as hotel and eating out, can also be included in your policy, which will help if your home become unlivable due to an earthquake.
Whether you live in an area that has seismic activity or not, you need to know that an earthquake can occur anywhere in the country. Understanding the danger that you could be in will ensure that you get the proper coverage and are able to cover any repairs or replacement if your home is damaged or destroyed. All it takes is one time for you to lose everything you own. Be smart and purchase earthquake insurance.