Few weather phenomena can strike as suddenly as earthquakes. This movement of the earth can cause widespread and potent damage to your property. Such damage could lead to possession and property loss, besides significant financial burdens.
Prepare for quakes by carrying earthquake insurance. If you live in a quake-prone area, this coverage can often help you cover the cost of property losses. So, consider the benefits of this policy, and the types of help it may provide.
Benefit of Earthquake Insurance
Property owners may assume that homeowners insurance or business property coverage will cover them in the event of earthquakes. This is often not true. While some policies may provide earthquake coverage, the vast majority often do not.
Roughly 42 states have present quake risks. Sixteen states have registered quakes of magnitude 6 or higher, making them high-risk areas. If you live in an area with a risk for quakes, you may be out of luck when it comes to your standard property coverage. Quake insurance may help you protect your assets in case of an occurrence.
Typical Quake Insurance Coverage
Earthquakes can range from minimal to catastrophic. Some you can hardly feel and those may cause little or no damage. Others create widespread destruction. Earthquake policies can often account for a wide range of damage. They usually come with three common coverage elements.
- Dwelling coverage can help homeowners repair damages to the structure of their home following a quake. Depending on the limits and exclusions of the policy, owners might be able to fully rebuild the home.
- Contents coverage protects items inside a property. This may include furniture, appliances, electronics, machinery and various personal items. The policy will provide funds up to the limit of the contents coverage to replace these items. However, some policies exclude certain personal items from coverage.
- Living expenses protection may help property owners in case they have to make other living arrangements following quakes. This coverage may assist the policy owner with costs like hotel bills while they wait for repairs.
Nonetheless, earthquake insurance doesn’t cover everything. For example, quake-related fires may have coverage under a home insurance policy, rather than a quake policy. This may confuse some policyholders because most homeowners' policies don't cover quake damage. However, quake-triggered fires are often different from quake damage. Policyholders should talk to their insurance agents about the ways they can balance quake coverage alongside their other property coverage.
Call Gary Warner Insurance Agency, Inc. at (818) 706-8625 today, and we can help you get an Agoura Hills earthquake policy that meets your needs.