In 2006, earthquakes were attributed to more fatalities than any other catastrophe, whether manmade or natural. Due to the unpredictable nature of earthquakes, and that 90% of the U.S. population resides in close proximity to seismically active fault lines, having adequate earthquake insurance coverage is very important.
Earthquake insurance is not covered under homeowners insurance policies and must be purchased separately. The most basic earthquake insurance plan will cover the replacing or repairing of damaged property. In addition, you can also select additional catastrophic coverage options to help:
- Protect accessory structures such as garages
- Cover damages to personal property and other assets
- Pay for additional living expenses while you are temporarily out of a home.
When calculating how much coverage you will need, do not use the property’s current market value. Instead, consider how much it will actually cost to rebuild your home and replace your possessions. This will guarantee that you are fully covered, should a total rebuild be necessary.
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