Earthquake Coverage
There are some scenarios you don’t like to think about, and we’re willing to bet that having your home destroyed in an earthquake is one of them. However, you may want to consider earthquake insurance. Your standard homeowner’s insurance policy does not cover you in case of an earthquake. In the worst case scenario you could lose everything, with no resources for rebuilding your home or replacing your possessions. Even in the case of a minor shake, your home could sustain damage that’s expensive to fix.
Your policy will carry a deductible, typically 15 percent of your home’s replacement cost. A basic policy will cover only your house, but you can purchase additional coverage for outlying structures like garages and pools, and for your personal possessions - the damage in that area is often more costly than the damage to your house, especially if the quake is a minor one. Premiums vary widely, depending on your location, the company providing your insurance, and the type of structure you call home.
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Before purchasing earthquake insurance, do your research. Find out if your home is near a fault line, and find out how active that fault line is. Are there many small quakes a year? Was the last earthquake a hundred years ago? Just because a fault line is dormant doesn’t mean you’ll never experience an earthquake—scientists are sometimes surprised at where quakes occur. As always, be sure you’re aware of policy exclusions and limitations of coverage.
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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