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Earthquake Insurance

Earthquakes strike anytime and in places one would often least expect. A powerful seismic event can render a family in the middle of a financial catastrophe due to their home and property being damaged. The many who own homes and who might think that earthquake damage is covered by their existing homeowners’ insurance are likely in for a rude awakening should such a disaster strike. Keep in mind though that the million or so earthquakes that happen every year are not always restricted to areas that are known for being more likely to be hit with quakes. All homeowners should take the time to investigate the benefits of this kind of coverage.

Homeowners should speak with their insurance provider to become informed as to what risks they may have. Even if earthquakes don’t happen often in the region of the country where a policyholder lives, there still might be reason to look into coverage anyway as evidenced by such events as quakes in areas where “fracking” occurs for example.

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Earthquake insurance is a bit different from other forms of coverage. Homeowners will need to decide on the value of their home, and their possessions, determine their current financial standing and, of course, ponder the overall likelihood of a devastating earthquake happening where they reside. Rather than insuring the entire house and property, the policyholder will be best served by deciding how much financial assistance they would like given the risk level and their budget parameters.

These policies will also usually include some coverage for possessions in the home and on one’s property. The personal possessions coverage is usually set at a specific amount before the policy will kick in. Most of this kind of coverage will not protect one from particularly costly items like jewelry, art, and valuable collectibles.

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