Home Insurance Earthquake Cover

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Earthquake Cover may be expensive, but well worth it
Is Home Insurance Earthquake Cover really necessary?

For many years every time there is a major earthquake in a city, surrounding cities experience an invasion of victims relocating as a result of the damage that was done to their homes. These people say that they loved living there, but could not financially manage rebuilding the house that wasn’t covered by earthquake insurance.

Earthquake insurance will cover the homeowner or building owner against any damage that is caused by an earthquake. Some insurance covers damage to the building and provides a small amount of funds for possible relocation or to replace items that were inside. Even in the earthquake ridden California, less than 20 percent of Californians have earthquake insurance.

Many of them are beginning to consider it again as it has been too quiet for too long and the next one could be due. For many it is not a resent quake that makes them think about getting insured, it is the possibility of the next quake. Another reason to review home owner’s policies to possibly add earthquake insurance is that if a quake happens, it can destroy your financially for a very long time.

Reasons to get Home Insurance Earthquake Cover
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Structural damage by an earthquake
  1. Even if a quake doesn’t cause structural damage to your home, the coverage will replace a certain amount of items that are damaged. Earthquakes can cause a fallen chandelier or your television to drop off the wall. Sometimes it is just broken plates but you can still file a claim. The excess for damaged items is lower than for the overall property damage.
  2. If you need to vacate your home for a period while it is repaired or rebuilt, the coverage will help pay for your lodging.
  3. Structural damage will be repaired and often if you have an older home, you will have an improved frame, which is better than before.
Possible reasons against Home Insurance Earthquake Cover

The premiums of  Home Insurance Earthquake Cover can be high if you live in an earthquake area. Excess payments for structural damage is also high, but will cover you when your house is damaged by an earthquake.

If you have a small earthquake in your town and then decide to get Home Insurance Earthquake Cover, you may not be able to, as many insurance companies will halt the issuing of new policies for a certain amount of time in areas that have had movement.

It is probably a good idea to apply for coverage when conditions allow it again.