You’re snug in your dream home, but what if the earth shakes it to pieces? Your homeowner’s insurance won’t cover it. That’s where earthquake insurance steps in.
It’s not cheap, and comes with high deductibles, but in quake-prone areas it can be a lifesaver. Don’t get caught off guard. Understand what it covers, the costs, and how to get started.
Stay protected, because when the ground rumbles, you’ll want solid ground under your feet.
Importance and Coverage Gap
You’ve got to understand that your standard homeowners insurance doesn’t cover earthquakes and that’s where earthquake insurance comes in, bridging the gap and protecting your home and belongings from potential destruction. It’s not a minor detail, but a crucial aspect of your total home protection.
You see, when an earthquake hits, it doesn’t discriminate. It could shake your foundation, crack your walls, or worse, reduce your home to rubble. Regular homeowners insurance views earthquakes as a low-risk event, and therefore, typically excludes them from coverage. This leaves you exposed to massive financial losses.
Exclusions and Considerations
Despite it being a crucial aspect of your homeowner’s coverage, your standard policy won’t include protection from seismic events, so you’ll need to consider purchasing additional coverage.
You see, most home insurance policies deliberately exclude earthquakes. They’re considered low-risk events, and insurers avoid the potential for high payouts by leaving them out.
You’re not entirely at the mercy of the tectonic plates, though. You can and should purchase separate earthquake insurance, especially if your home is in a high-risk area. This additional policy covers damage to homes and buildings from seismic activity.
Keep in mind, the necessity for earthquake coverage hinges largely on your location. And remember, in the aftermath of a significant quake, insurers may stop taking new policies due to the increased risk of aftershocks. It’s wise to act proactively.
Costs and Getting Started
Understanding the cost of additional coverage and how to get started with it is your next step. You’ll find that earthquake insurance costs depend largely on your location and the specifics of your property. The material and value of your home are key factors that insurers consider when determining your premium.
To get started, you might want to reach out to independent agencies that can help you find the right coverage. You’ll fill out a form, and an agent will get in touch with you to discuss your options. They’ll provide resources and tailor solutions to your needs.
