When you are about to purchase home insurance, make sure you consider all the important things first before you actually choose which coverage you’ll avail of. For instance, if you reside in a place where flood usually occurs, you must get flood insurance. Learning more about your location is vital in finding out which plan will suit your needs best. Now the question is, have you considered getting earthquake coverage? If not, I think you should continue reading this article to learn more about its importance.
According to the United States Geological Survey, there are about 5,000 earthquakes that hit United States every year. The vast majority is on the West Coast but since 1900, earthquakes have taken place in 39 states and caused some damage in all 50. Based on the studies conducted by the Federal Emergency Management Agency, earthquakes are the fourth leading cause of property damage in the United States. They cause an average of $4.4 billion a year in property losses.
Indeed, one individual can suffer a great financial loss due to earthquake. To be able to somehow cope up with the expenses, the only solution you can employ is to get an earthquake insurance policy. In you live in California, lucky you as the state have collaborated with private insurance companies to generate an insurance fund that offers limited residential earthquake coverage. Now there are earthquake “mini-policies” to help homeowners repair and rebuild their homes. The coverage is designed to keep a “roof over the head” of anyone whose home was damaged in an earthquake. Just take note that these mini-policies do not cover patios, decks, pools, or other structures that are not part of the dwelling.
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