Did you know...
- In the United States about 5,000 quakes strike each year. Since 1900 earthquakes have occurred in 39 states and caused damage in all 50.
- Natural catastrophes and man-made disasters caused economic losses of about $140 billion in 2013.
- 90% of Americans live in areas considered seismically active.
Standard homeowners, renters and business insurance policies do not cover damage from earthquakes. Coverage is available either in the form of an endorsement or as a separate policy for homeowners, renters and small business owners. Unlike flood insurance, earthquake coverage is available from private insurance companies rather than from the government.
Earthquake insurance provides protection from the shaking and cracking that can destroy buildings and personal possessions. Coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes, is provided by standard home and business insurance policies in most states. Cars and other vehicles are covered for earthquake damage by comprehensive insurance which also provides protection against flood and hurricane damage as well as theft.
Earthquake insurance provides protection from the shaking and cracking that can destroy buildings and personal possessions. Coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes, is provided by standard home and business insurance policies in most states. Cars and other vehicles are covered for earthquake damage by comprehensive insurance which also provides protection against flood and hurricane damage as well as theft.
There are several options to consider when purchasing earthquake insurance, including:
- Does the policy cover only your home? Are other structures, such as garages, also included?
- Will your policy pay for the contents of your home and for additional living expenses if your home is badly damaged or destroyed?
- Are there any exclusions or limitations to coverage?
- What deductible must you pay before the insurance kicks in?
Earthquake insurance needs can vary significantly – contact MIM today to find out how to get the best price and value on earthquake insurance for you.
