We have all heard of earthquake insurance, but is it required to purchase if you own a home, condo or investment property? The answer is no. However, it is important to keep in mind that your standard home, condo or investment property insurance policy would not be cover you in the event your home was damaged from an earthquake. You would need a specialized insurance policy for earthquake coverage.
Well, what does my home insurance cover then?
Your home insurance policy covers you for many things! In the event your home is damaged from a fire, your policy provides coverage to fix the damage and can replace your personal belongings that were damaged.
If your home is damaged from wind, hail or lightning, you also have coverage.
Your home insurance policy also provides personal liability protection. This gives you coverage for scenarios like someone getting injured on your property or if your dog bites a neighbor. Your home insurance can cover the medical payments for the individual injured too.
Lastly, your home insurance can pay for expenses related to your home not being livable due to the damage. Therefore, the cost of a hotel, food and other living expenses you collect while your home is being repaired can be covered.
How much is earthquake insurance?
Like any insurance policy, it depends on many factors such as where you live, how old your home is, what type of home you own, etc. Talk to one of our agents about getting a free earthquake insurance quote. We can go over your options based on different coverages, then you can decide what policy may suit you best. This is always the best way to determine what earthquake insurance will cost since it is specific to the property being insured.
Know Your Disaster Plan
If an earthquake hits, do you know the safest spots in your home? For an earthquake specifically, where can you drop and cover in each room? Does everyone in your household also know where this is?
Other things that are important to know is how to shut off your utilities such as your gas, water or electricity. It may be important for every household member to know this information. Lastly, it’s important to always have a few emergency staples. Simple items like a fire extinguisher, flashlight, canned food, gloves, a blanket and water can all come in handy in the event a disaster hits.
While you can’t predict when an earthquake will strike, you can be prepared with an earthquake insurance policy as well as a home disaster plan. For an earthquake insurance quote, contact one of our agents.
For most of us, we won’t have to experience a disastrous home loss such as a flood, fire, earthquake or other disaster. That doesn’t mean any of us should be less prepared for such an event should one occur. Preparing a home inventory can be a large task, but taking the time to do so can make a difference of thousands of dollars when it comes to your claims settlement as well as simple ease of processing your claim.
