By Humayun Altaf
Earthquake insurance covers the chance of risk in the face of an earthquake event. Quakes can happen at any time and many people think that they know it will occur someday. In the past few years, claims have been filed that exceed over $12 Billion regarding earthquakes. If you believe that you may not need this add-on policy to your insurance, here is a list of reasons why you should not stop at any costs to cover your home investment.
The reason why earthquake insurance is listed as a separate policy is because this catastrophic event is the highest costing natural event in which to recover. There is a large percentage or risk in many areas of the United States, not only in California. Since the risk is so large and the cost so great insurance companies do not include this coverage in their normal residential policies or for business.
Endorsement is available for purchase for business owners on their policy to cover earthquakes. These cover damages to structural buildings and property. Many insurance companies offer these coverage policies through a separate quote from the business insurance.
Earthquake insurance is not offered through the regular policy for home or business use. These policies are separate. They may be purchased through the same insurer if they offer the policy.
Premiums for earthquake insurance are often high depending upon the area of the United States in which you live. Many areas in the West are the most expensive since they are at a higher risk for earthquakes. The valuation is usually based on $1,000 and upwards towards the home and property amount you wish to insure.
The deductible can often be high and in the event of loss, it is 10-15% of the amount of the loss. The amount can be staggering for the deductible, but think of how much you are saving. If you had to pay the entire amount, how much would that be?
In regards to business insurance policies, there are some things that are covered from earthquakes within the standard insurance policy. The business automobile is often covered from the damage of earthquakes as well as falling debris or any other event caused by earthquakes. Injuries to workers who may be on the job at the time of the earthquake hits are covered through workers' compensation. If business is interrupted, the earthquake is not excluded from this happening.
Calling to talk to your local insurance agent is recommended to figure out the facts about earthquake insurance and how it can save you a lot of money. Agents can give you details and quotes from many insurance companies at one time. Filling out online forms or contacting directly can have the quotes available with the information in just a few minutes. Protect your home and possessions today by purchasing an earthquake policy for your investment. If the big one hits, you will be glad that you were prepared in time to reduce loss and the cost to rebuild or repair.
The reason why earthquake insurance is listed as a separate policy is because this catastrophic event is the highest costing natural event in which to recover. There is a large percentage or risk in many areas of the United States, not only in California. Since the risk is so large and the cost so great insurance companies do not include this coverage in their normal residential policies or for business.
Endorsement is available for purchase for business owners on their policy to cover earthquakes. These cover damages to structural buildings and property. Many insurance companies offer these coverage policies through a separate quote from the business insurance.
Earthquake insurance is not offered through the regular policy for home or business use. These policies are separate. They may be purchased through the same insurer if they offer the policy.
Premiums for earthquake insurance are often high depending upon the area of the United States in which you live. Many areas in the West are the most expensive since they are at a higher risk for earthquakes. The valuation is usually based on $1,000 and upwards towards the home and property amount you wish to insure.
The deductible can often be high and in the event of loss, it is 10-15% of the amount of the loss. The amount can be staggering for the deductible, but think of how much you are saving. If you had to pay the entire amount, how much would that be?
In regards to business insurance policies, there are some things that are covered from earthquakes within the standard insurance policy. The business automobile is often covered from the damage of earthquakes as well as falling debris or any other event caused by earthquakes. Injuries to workers who may be on the job at the time of the earthquake hits are covered through workers' compensation. If business is interrupted, the earthquake is not excluded from this happening.
Calling to talk to your local insurance agent is recommended to figure out the facts about earthquake insurance and how it can save you a lot of money. Agents can give you details and quotes from many insurance companies at one time. Filling out online forms or contacting directly can have the quotes available with the information in just a few minutes. Protect your home and possessions today by purchasing an earthquake policy for your investment. If the big one hits, you will be glad that you were prepared in time to reduce loss and the cost to rebuild or repair.
