Earthquake Insurance Policies
Hazard plus exposure plus vulnerability equals risk. That may not mean much to you, but it would if an earthquake occurred. Earthquake insurance is thought of as something needed for homeowners who reside in places like California. However, approximately 75 million Americans in 39 states could experience an earthquake at any time.
Earthquake insurance covers property damage that results from an earthquake. The dwelling, content and other items may be replaced or repaired if protection is in place. In addition to restoration and replacement, temporary living expenses may also be covered.
People who live in high risks areas as identified by FEMA should consider exploring their coverage options, even if insurance is not required. One should consider whether or not they are able to comfortably afford out-of-pocket costs for rebuilding a property if the homeowner policy isnt able to cover the potential damage.
Earthquake insurance covers damage to the dwelling and its contents. If there is any structural damage, the policy will cover repairs. Any contents in the home may also be covered. If unable to cover all contents in the earthquake protection plan, one should consider adding more coverage. Any item that is listed will be covered as a part of the protection plan. If one has to rely on temporary housing as a result of loss of use, coverage can be applied to defray those costs.
One of the hardest things to do is to wait on assistance for the government to supply funding for repairs. Earthquake coverage eliminates a lot of the bureaucracy that comes with completing repairs for a property when disaster occurs. This also keeps expenses to a minimum, avoiding out-of-pocket costs later. Any person who resides in a high risk zone is eligible for coverage to offset all rebuilding costs associated with damage to their property.
Even though many people dont feel that they are at risk, earthquakes can randomly occur. Areas like Tennessee, Arkansas and Mississippi have all been affected by major earthquakes. Its important to know the risks in an area, to secure appropriate coverage.