Earthquakes are horrifying natural disasters. After having all the advanced technologies and equipment, there is no absolute warning system for an earthquake. Earthquakes are very destructive and can not only destroy building structures, but they can also kill lots of lives in just a moment. Earthquakes are common in United States and the potential for earthquakes exists almost everywhere in the United States. Earthquakes have occurred in about 39 States since the starting of 20th century. About 90% of Americans live in the areas which are prone to the earthquakes.
According to a report, California has 99.7% probability of having the earthquake of magnitude 6.7 during the next 30 years. The southern areas of San Areas Fault has the highest possibility of having an earthquake with a 67% chance of striking Los Angeles Area and Hayward Fault has is more likely to have earthquake with a 63% chance of striking San Francisco Bay Area. Most of the people believe that in case of earthquake the United States Government will take care of all of their financial requirements, but this is not correct. The government designs many Federal disaster relief programs and the main objective of these programs is to help you, partly so you could stand up on your feet, but they don’t compensate you for everything you lose. Even if your house is destroyed or partially damaged you would be accountable to pay your existing debts such as mortgage, car loans, credit card payments and other payments. If you own a house it’s probably the biggest financial asset of yours. Your house and other investments might be at risk when the earthquake hits your city and you might have some level damage. So it’s really important for homeowners to plan how they protect their assets and investments from the damage caused by the earthquakes. There are some plans that include retrofitting of your home are good ideas to protect your house against the damage caused by the earthquake. Earthquake insurance is another great option to manage the potential damage caused. But only a small percentage of people purchase earthquake insurance.
According to the California Earthquake Authority even in California, where the earthquake probability is the daily fact of life, less than 15 percent homeowners actually purchase earthquake insurance. Most of the people think that these insurance policies cost too much and cover less than the cost. But this is incorrect. Earthquake insurance policies cover lots of things but you have to be careful while choosing your plan. Earthquake insurance policies provide you many options you must choose the options, according to your requirements. Rental insurance policies and other home insurance policies do not cover any damage caused by the earthquake. Earthquake insurance covers the damage, caused by earthquakes but the earthquake insurance policies from the same company that provides you home insurance or from an independent organization like CEA (California Earthquake Authority)
Following are the questions which you should focus before choosing any earthquake insurance policy.
Does the earthquake insurance only cover your house? Does the policy also cover other structures like garages?
Will your earthquake insurance policy only pay for the contents of your home? Or will it also pay for living expenses in case of stern damage.
Is coverage bound by any limitation or exclusion?
How much do you pay out of pocket before the insurance kicks in?
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