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Earthquake Insurance

Earthquake insurance protects plan holders from property damages caused specifically by earthquakes. You may ask why there is a special type of insurance for this. Well, the fact is, most property insurance packages do not cover damages caused by earthquakes.

What is Earthquake Insurance?

Despite the fact that many people live in areas where earthquakes can happen, very few people actually have earthquake insurance. People who live in places that are especially prone to earthquakes should consider it. While not available in most property insurance packages, it can be purchased as an add-on.

Many earthquake insurance plans have a high deductible. A deductible is that portion of a claim not covered by the insurance policy which the holder must pay before the claim can be processed. The deductible can be anywhere from five to fifteen percent of the policy amount. As a result of this, minor damages caused by an earthquake translate to very small claims. Policy holders who experience massive damage to their property are the ones who will ‘benefit’ the most.

People in California can get insurance through the California Earthquake Authority (CEA), a body sponsored by the state to insure homeowners and renters in the earthquake-prone state. This is helpful because few insurance providers wish to insure individuals in such a high-risk area.

If you live outside California but in an earthquake-prone region as well, check with your state’s authorities if there is also such a government-sponsored body where you can get earthquake insurance.

Earthquake Insurance - What Does It Cover?

Earthquake insurance coverage varies widely. Some will cover the expenses related to replacing damaged property, while some will pay for damaged personal possessions inside a home. Others will also pay for damage to adjoining structures like garages and sheds. Like most types of insurance policies, the coverage of earthquake insurance varies from one provider to another so be sure to understand the scope of the insurance you are looking at (or what is being offered to you).

How Much Does It Cost?

Premiums for earthquake insurance depend on a number of things. First, the rates vary from one provider to the next. Second, the location plays an important role. If the place is especially prone to earthquakes, then the premiums will be higher. Third, the type of house you will get insurance for also plays a role. Older houses will usually have higher premiums. Houses made of wood will get you a lower premium because they endure earthquakes better.

What Is The Ideal Coverage?

If you plan to buy earthquake insurance, make sure you get a plan that completely covers the amount required to completely rebuild your home. It should also be large enough to cover your possessions inside your home. Ideally, get a policy that offers full replacement costs. Again, make sure you know the earthquake insurance policy thoroughly before purchasing one.


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