Due to an earthquake, your home really feels that home insurance will be covered, but many insurance companies stopped covering the earthquake in the 1990s, according to FEMA.
As a result, only a fraction of the owners of the house living in earthquake-affected areas is covered.
For example, California experiences 90% of all earthquakes in the United States. Nevertheless, only 13% of the state’s residents have earthquake insurance.
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For the owners of the household whose houses or luggage were damaged in the San Diego earthquake that recently shaken southern California, which means they are out of pocket to cover those damage.
But California is not the only state where earthquakes occur. According to the National Association of Insurance Commissioners (NAIC), there is at least some risk of earthquake in 42 states across the country.
While the risk is much higher in some states than others, earthquake insurance is not only for owners of California’s home.
Which states are most likely to have earthquakes?
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According to the US Geological Survey, there is an average risk of experience of earthquakes in 16 US states:
- Alaska
- Arkansas
- California
- Airport
- Idaho
- Illinois
- Kentki
- Missouri
- Montana
- Nevada
- Oregan
- South Carolina
- Tenasi
- Uta
- Washington
- Vyoming
The possibility of an earthquake vary greatly in states that are the most risk in the west of the states, especially with California, especially with California.
But in the central and eastern parts of the United States, states face their own unique risks: earthquakes are less common, but when they are, they spread beyond their subscription and are less likely to be built to face shaking.
If you live in any of these states and you do not currently have earthquake insurance, it is time to start looking at your coverage options.
In some cases, you may only be able to add coverage to a standard home insurance policy. If this is not an option, you will have to buy separate earthquake insurance.
Either way, you can start your search using our bank-operated tools below to receive quotes on standard home insurance:
Which states are likely to have at least earthquakes?
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Although it is still worth seeing its regional risk of earthquakes, even though you don’t live in one of the 16 high -risk states, there are some states in the US where earthquakes are not very likely:
- Florida
- Iowa
- Minnesota
- North Dakota
- Visconsin
If you live in one of these states, you can probably leave earthquake insurance. However, it is still worth seeing other types of land movement coverage such as landslides or synchoes – both are not surprisingly covered by standard home insurance.
What does earthquake insurance cover?
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A earthquake insurance policy often covers any damage that originates directly from the earthquake or its afterchox, but is not the loss that will be covered by your standard home insurance.
What can include a specific policy here:
- Earthquake insurance causes damage to insured assets that resulted in direct ground shaking. It may include things such as a cracked foundation, external or accessories that are broken as a result of falling during the earthquake.
- It can also cover your living expenses if you cannot stay in your house, while it is being repaired, to a specified extent.
- To repair covered damage, the policy will usually cover the building code upgrade and the cost of emergency repair.
- The damage caused by the afterchox within about 72 hours of the initial earthquake can usually be luned simultaneously in the same claim (with single cutable).
- For rentals, coverage applies only to your personal property, not to the building. You may also be able to add the loss of coverage used to pay for any living expenses if you have to go out while repairing the landlord.
- Earthquake insurance does not cover damage from disasters that can begin with earthquakes, such as fire or water damage as a result of the water pipes during the earthquake. For those people, you will register a different claim with your standard home insurance.
You will usually see a cutable between 2% and 20% of the total insured value. The more cutable, the more you are agreeing to get out of the pocket, the earthquake damages your home.
You can also see separate deductables for different types of coverage, such as home, your luggage inside and any different structures out.
What is the cost of earthquake insurance?
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According to the Insurance Information Institute, a specific earthquake policy will cost between $ 0.50 and $ 15 per $ 1,000 per coverage.
So for coverage of $ 300,000 value, you can see an quotation that you can see a quote from $ 150 to $ 4,500 at the basis of where you live, what kind of coverage you want and other factors.
In California, you can expect the highest premium with earthquake policies costing $ 1,300 per year on average, according to the lending tree.
In Texas, you can expect to pay between $ 500 and $ 800 per year for earthquake coverage. On the east coast, premiums are usually cheap, average $ 300 or less.
One way to reduce your premium is to increase your cuts. If you live outside California, where the earthquake is a risk, but little is likely, then choosing for high cutable may be a good compromise.
You will keep your premium down, but still once a lifetime will be coverage in the situation of disaster.
Another way to save is that your home is retrofit. Earthquee retrofitting includes things such as your home frame and installing bolting around the foundation, which make the structure more resistant to earthquake damage.
This can not only reduce your premium, but can also reduce your risk of experiencing severe damage during the earthquake.
Is the Rentor insurance earthquake?
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Not a homeowner? Even if you rent, earthquake insurance may still be a requirement. Like home insurance, the insurance policies of the standard railder leaves earthquake damage.
If your landlord has an earthquake insurance, then that policy only protects the building, not your goods.
Therefore, if you are on rent in one of the high-risk areas identified by the USGS, then you should look at both tenant’s insurance and earthquake coverage to ensure that you are fully preserved.
Since you are not paying for the coverage of the building, you can usually get very little earthquake insurance than the owner of a house.
Is earthquake insurance worth it?
Home insurance is not cheap (especially if you live in one of the eight states where the premium is the highest) then if you are hesitant to spend more to add earthquake insurance, you are not alone.
But if you have an earthquake then possible savings can create the extra cost if you live in one of the states where earthquakes are possible.
According to the Home Advisor, the average cost for repairing earthquake damage ranges from $ 5,000 to $ 25,000. Even if you live in one of the low-risk states, the same claim may have more saving premium for years.
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