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People should consider home insurance for earthquakesPosted On Fri, October 9, 2009
With earthquakes rocking countries on the other side of the globe, Americans need to keep in mind that the natural disaster can affect them as well.
According to the Insurance Information Institute (III), 39 states have experienced earthquakes since 1900, and all 50 states have witnessed damage from the natural disaster. The last major earthquake the lower 48 experienced was a 6.7 magnitude shakeup that occurred in 1994 in Northridge, California.
The Northridge quake was one of the most costly tremors experienced by the country regarding insurance losses. The earthquake cost between $19 billion to $29 billion in insurance losses when adjusted to 2008 dollars.
"The potential cost of earthquakes has been growing because of increasing urban development in seismically active areas and the vulnerability of older buildings, which may not have been built or upgraded to current building codes," the III noted.
Homeowners need to realize that their standard home insurance policies do not cover damages from earthquakes. The California Department of Insurance notes that many people in the state may opt to get earthquake home insurance in order to reduce the cost of repairs associated with the natural disaster.
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