Earthquake Insurance
Property insurance coverage plans - for both home and business - are created to cover many perils, like fire and theft. But real estate insurance coverage plans tend to not be created to cover possibly catastrophic events like an earthquake, and you'll find that this coverage is expressly excluded from standard policies. Even though people in the U.S. reside near fault lines, damaging seismic exercise is uncommon and hard to anticipate. We may experience a disastrous earthquake in the U.S. in our lifetime, or we may evade earthquakes for generations to come.
Earthquake insurance can be endorsed, or added, to a home insurance or business property insurance coverage policy. Earthquake insurance coverage charges fluctuate based on the kind of building construction. Wooden structures, because the material will flex in a modest earthquake, will have lower insurance rates than brick buildings.
Earthquake insurance plans normally require higher deductibles - usually 10% to 25% of the building insurance total - and frequently individual deductibles will apply for the building structure, contents, and detached structures like bulkheads, storage buildings and garages.
Earthquake insurance coverage rates will range based on area, building materials, and needless to say, coverage amount and deductible choice. For the majority of us, prices begin at a few hundred dollars a year. Taking into consideration that, of the six most powerful earthquakes ever documented, three have hit since 2004, a few hundred dollars a year seems reasonable for ease of mind.
Contact an insurance agent at Schoen Insurance Agency today to answer any questions about Earthquake Insurance or for a free review and insurance quote for Earthquake Insurance.