A separate insurance policy is normally needed to cover damages in earthquake prone areas, such as California and the surrounding states. Earthquakes can cause structural damage, as well as personal loss, and earthquake insurance can help your family to regain their life and home.
Is It a Necessity?
There are many other areas that have earthquakes on a regular basis besides the area around California. In the Pacific Ocean in the area known as the Ring of Fire, earthquakes are common and can be very damaging. If you live in this area or another area that has seen earthquakes, then you may want to consider an earthquake insurance policy.
What Does It Cover?
An individual policy will differ on whether you own or rent your property. For example, a renter will only need to cover their personal items and belongings, while a homeowner must have insurance to cover the belongings, as well as the building structure. There are even some insurance policies that allow for coverage of hotel costs if you need to be out of your home due to structural damage.
What Are My Options?
Many insurance companies offer an earthquake coverage rider if you have homeowners insurance with them. You can choose an individual policy, however, especially if you are a renter. The only insurance that will cover earthquake damage is earthquake insurance, which is why it is essential to consider it if you live in an area that is prone to this natural event.
Decrease Your Cost
There are some ways that you can save money on your earthquake policy. For example, a wood frame house flexes with movement and this can lower your premiums, due to the decreased chance of damage. In addition, some houses have been retrofitted to be more earthquake resistant and this can decrease your premiums as well.
Earthquake coverage will cover your assets, your home, and your family. An earthquake can crack a foundation or cause a structure to fall in just seconds. To protect your financial future, as well as your family, make sure that you are covered for every eventuality, even earthquakes.