Most home insurance policies exclude earthquake coverage.
You would believe that an earthquake would be covered by your home insurance, but that is not always the case. The vast majority of plans expressly exclude it, owing to the fact that it is a low-risk event, which means any payout is likely to be extremely large.
The good news is that you can purchase earthquake insurance that will cover both your home and your structure. The deductible is typically far larger than that of standard home insurance. Although plans cover property damage, the primary goal of this sort of insurance is to help cover the risk of total destruction.
The cost of earthquake coverage may vary depending on your location, the value of your house, and the materials used to construct it.
Could you afford to repair, replace your valuables, and pay for interim housing if an earthquake damages or destroys your home? These incidents may be covered by earthquake coverage.
Depending on where you live, you may need to shop around for earthquake insurance. For example, in some places, your home insurance may be required to include earthquake insurance, however it may not always provide coverage tailored to your unique circumstances. Check to determine if your vehicles are covered under your earthquake insurance policy.
Do you require earthquake insurance? Contact us for additional information on your coverage options.