Earthquakes can be incredibly destructive. They can cause more damage than people realize. Purchasing the right coverage is important. You don't know when an earthquake will strike, so in this case, being proactive means having a comprehensive earthquake insurance policy in place to protect your home and possessions.
Earthquake coverage is not included in your standard homeowners' or renter's coverage. If you live in an area prone to earthquakes, you will need to purchase an insurance policy specifically for earthquakes. If you don't have coverage for this type of peril, you will still be required to pay your mortgage even if your home is destroyed. You also have to pay for repairs that may be needed.
Earthquake coverage will cover the damage to the structure of the home. It will not cause damage caused by fire or flooding, even if caused due to the earthquake. You must know what your homeowners' policy covers and what is listed in your earthquake policy. If you have questions, you need to address them with your insurance provider.
Earthquake insurance is a supplemental policy and is not required by everyone. If you live in an area where earthquakes occur, it's important to buy this insurance. Without it, you will have to pay all your expenses for repairs out of your own pocket. If you have the right coverage, your financial burden is dramatically decreased.
Where you live in the United States and the condition of your home are the two most important factors that affect your premium rate. Certain areas of the country have an increased risk than others, and premiums are determined according to the level of risk. Newer homes are built according to new regulations intended to protect against certain types of structural damage caused by earthquakes. So, the age of your home also determines your premiums.
California has had to endure powerful earthquakes in the past. So, the California Earthquake Authority was set up to provide affordable earthquake insurance for the homeowner.
Nearly 15 states are at risk of earthquakes. Besides fault lines, urban development is also a major cause of earthquakes. Calculating Your Risk
Contact the insurance experts at Fuller Insurance Agency at the earliest. We can help you figure out how high of a risk you face for your particular area and can also evaluate your home to determine its overall condition.