What is Earthquake
Insurance?
Earthquake Insurance is a form of property insurance that provides help for the policyholder in the event of a tremor that may cause damages to the property. Most standard Homeowners' Insurance policy does not offer an Earthquake Insurance policy. However, you can purchase a policy as an endorsement or a separate policy. This type of policy will cover the damages to your dwelling and its contents, such as collapsed walls or valuables inside the property that are destroyed.
What is covered in your Earthquake Insurance?
As a homeowner, try to think of this situation. Earthquakes can destroy an entire building and the contents inside in just a moment. Rebuilding and replacing an entire building cannot be done quickly; you have to reproduce the amount of money you will spend in rebuilding and replacing what is lost.
Below are the advantages you can get in this type of property insurance:
Building materials nowadays are costly, as well as paying the laborers. It's an excellent move to get earthquake insurance coverage, especially if you live in fault lines. In addition, coverage of this insurance may cover as well as the other structures such as a detached garage, gazebo, and fence.
If your home is uninhabitable, your earthquake policy will cover your temporary housing expenses while your home is under renovation.
Earthquake policy will cover the cost of replacing the damaged or losses in your personal property or contents inside your home.
Take note: There are exclusions included in every policy or limits that they could reimburse for the homeowner. Before signing into any agreement, it is essential to review every detail in your policy to know the things covered and what is not.
How Much Does Earthquake Insurance Cost?
The cost of Earthquake Insurance depends on the level of risk where you live. If you live where earthquakes are rare, your premium can be inexpensive compared to risk area locations where hazards happen more frequently.
InsureHopper's affiliated agents can help you get the best policy you need at affordable rates!
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How to File an Earthquake Insurance Claim?
Here some things you have to keep in mind when filing a claim.
- It is important to take pictures of the damages to your property for documentation.
- Make sure that you have the inventory of all your damaged belongings through a list, pictures, or video.
- Gather and keep all the possible receipts related to these peril expenses-for example, Lodging and daily expenses like food.
- Call your insurance provider to report the incident.
- Make a schedule for an appointment with the claim adjuster to inspect the damages or losses.
These steps may help to file a claim easier. However, always remember that before signing any agreement, review your policy, every detail indicated to know how much is your deductible and what is not covered under the coverage.
Why Is Earthquake Insurance Important?
People in the United States in 2019 experience significant earthquakes as per the data survey of the Earthquake Hazards Program of the U.S Geological Survey- USGS. In addition, The National Association of Insurance Commissioners (NAIC) recorded nearly all American citizens from different states are at risk of damages from earthquakes. However, there are still more uninsured homeowners compared to homeowners that carry earthquake coverage.
Your Homeowners’ or Renters’ Insurance typically does not cover the damages brought by this peril. It may take a couple of months or even years to recover after an earthquake.
Are you going to wait until a hazard brings damages to your home? Without carrying any coverage that can cover the damages, how would you manage to repair or replace what is lost or how about the mortgage or loan if you lost your home? Getting Earthquake insurance will help you cover these costs. InsureHopper’s affiliated agents and insurance companies will help you get the best insurance coverage to protect your home.
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