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Many homeowners lack earthquake coverage

Posted On Tue, October 25, 2011

Despite living in states that are battered by earthquakes, a surprisingly low number of consumers have proper home insurance that covers these types of disasters, according to USA Today.

Approximately one in 10 homeowners have the insurance in California, according to the Insurance Information Network of California. When it comes to businesses, the policy is even more scarce.

"None of my family has ever had it," a California homeowner and business owner told USA Today. "They've always said that if there was ever going to be a 'Big One,' the damage would be so massive that the insurance would never be able to pay out to everyone."

However, those who forgo the policy are left with repair costs if an earthquake does occur. Regular home insurance does not cover the disaster, so consumers need to look for an add-on to their plan, the news source added.

Homeowners who live in an area that is prone to earthquakes may want to examine their home insurance policy to ensure that these disasters are covered. If not, it could be smart to examine other home insurance rates to find a plan that is both sufficient and affordable.

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