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Imagine the ground beneath you begins to tremble, and in a matter of moments, the solid foundation you rely on is compromised. The walls crack, the roof shifts, and suddenly, your home has suffered serious damage. In situations like these, earthquake insurance can make all the difference. What is earthquake insurance? It’s a specialized policy that helps financially protect your home and belongings from the damaging effects of earthquakes. In this blog, we’ll go over six key reasons why it’s worth considering.
1. Earthquake Insurance Protects Your Home and Property
When the ground starts shaking, your home and belongings are at risk. Earthquake insurance provides the protection you need to save you from financial ruin.
Coverage for Structural Damage
Earthquakes can cause devastating damage to your home’s structure. Fortunately, earthquake insurance is designed to help you recover from these potential losses. It safeguards your home’s foundation, which is often the most vulnerable part of your property during seismic activity. If cracks appear or your foundation shifts, your policy can cover repairs.
Earthquake insurance also extends beyond the foundation of your home. Walls may crack or even collapse during a strong tremor, and your roof could sustain serious damage. Your flooring might buckle or separate, requiring extensive repairs. In all these cases, your earthquake insurance has got you covered. If the damage is severe enough to warrant rebuilding, your policy can help finance your home’s reconstruction.
Protection for Personal Belongings
Earthquake insurance includes coverage for your personal belongings, so if a quake damages your furniture, electronics, or other valuables, you can replace them without draining your savings. Whether it’s your favorite couch, a prized collection, or the electronics you rely on daily, this insurance helps you get back to normal more quickly after a disaster.
2. Earthquake Insurance Provides Financial Security in Case of Displacement
When an earthquake strikes, the damage can be so severe that your home may no longer be safe. In this scenario, the last thing you want to worry about is where you’ll stay and how you’ll afford it. Earthquake insurance can provide this financial support by covering the costs of temporary accommodation. Whether it’s a hotel, a rental property, or another form of housing, this coverage ensures that you and your family have a safe, comfortable place to stay while your home is being repaired.
3. Your Current Homeowners and Renters Insurance Probably Doesn’t Cover Earthquakes
Does renters insurance cover earthquakes? What about homeowners insurance? The answer is typically no. The reason is that standard insurance policies are designed to cover common risks like fire, theft, and certain types of water damage, but not the unique, widespread destruction that an earthquake can cause. Earthquakes are considered high-risk events that can lead to extensive damage, which is why they require separate coverage. Without dedicated earthquake insurance, you could be left footing the bill for repairs and replacements on your own — and that can get expensive fast.
4. Getting Earthquake Insurance Is Easy
If you’re thinking about adding earthquake insurance, the good news is that it’s a pretty straightforward process. Start by asking your current homeowners insurance company if they offer any options for earthquake coverage. Even if they don’t, they may refer you to one that does provide it.
Your state’s Department of Insurance can also be a helpful resource for finding licensed earthquake insurance providers. If you’re in California, you’ve got a great option with the California Earthquake Authority (CEA), a nonprofit organization that provides a marketplace for earthquake insurance.
5. Earthquake Insurance Prepares You for the Unexpected
We can’t predict when or where the next earthquake will strike, but we do know one thing for sure: earthquakes are inevitable. Having earthquake insurance is one of the smartest ways to protect yourself and your home from the unexpected. It ensures that when the ground stops shaking, you have the resources to pick up the pieces and move forward.
6. The Cost of Earthquake Insurance is Less Than You Might Think
How much does earthquake insurance cost? According to Forbes, the average price of earthquake insurance is roughly $850. However, the cost can vary based on several factors, such as the age and location of your home, its construction type, and the level of coverage you choose. While premiums do differ, there are plenty of options to fit various budgets.
It’s a good idea to chat with your insurance agent to explore the different coverage levels and deductible options available. They can help you find a policy that strikes the right balance between protection and cost.
Should I Get Earthquake Insurance?
According to the United States Geological Survey, nearly 75% of the U.S. could experience damaging earthquakes, with California, the Pacific Northwest, and Alaska most at risk. If you live in these affected areas, it’s a smart move to invest in earthquake insurance. It provides a safety net for your home, belongings, and financial stability from the unpredictable nature of seismic activity.
If you’re ready to take the next step, you can purchase a California Earthquake Authority policy through your Mercury agent. We also offer cheap homeowners insurance that can be tailored to fit your needs, ensuring you’re covered from all angles.
Contact us today for a fast, free quote!
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