Earthquake Insurance

House and Car Destroyed by TsunamiIf you live in an area that is prone to earthquakes than earthquake insurance is not such a bad idea. Like any insurance it only becomes important when you do not have it. Earthquake insurance can help you recoup any losses that you experience during an earthquake.

Most homeowners insurance does not cover property damage from an earthquake. You have to have a special policy or rider that will add the coverage to your policy. There are only a handful of insurance carriers that offer earthquake insurance.

If you live in an area where earthquakes happen frequently than having this type of insurance is a very good investment. Choosing a plan that meets all your needs will require that you do your homework and take the time to shop around and compare plans.

Deductibles

The plan deductibles vary from plan to plan so it is important to shop around and do some comparisons. Typically with this type of insurance the deductibles can be rather high so they are not necessarily a good idea unless there is a total loss of property.

Shopping around and comparing your options can help you find a plan that is affordable and that has reasonable deductibles.

Considerations

If you are interested in acquiring earthquake insurance the time to do it is BEFORE there is an earthquake. Often insurance carriers will stop offering this type insurance following an earthquake for a  while. This is done because many times following an earthquake there are substantial aftershocks that occur.

You want to purchase a plan from a reliable carrier that has a strong reputation for providing good options and following through with claims quickly and accurately. A trustworthy carrier can provide you with a plan that is affordable and that offers a lower deductible.

 Is It Worth It?

Earthquake insurance is an added expense above and beyond your regular homeowners insurance and you may be wondering if it is worth the added expense. Like every other kind of insurance if you don’t need it you don’t miss it but if you live in an area where an earthquake is a potential threat than yes it is worth it!

It is far better to be over insured than it is to be under insured in every case. Shop and compare to find a plan that is affordable and that will work for your situation. Protect your investment with earthquake insurance.

More information:

Husforsikring – Danish site about the insurance of houses in Denmark

Earthquake insurance in Japan

Government of New Zealand provides earthquake insurance