Earthquake Insurance

Earthquake Insurance

One never knows what the future holds for themselves. This age is becoming unpredictable by the minute. Floods, disasters, earthquakes, commercial breakdowns and all such calamities are striking us when nobody is even looking. Then why wait for such catastrophes to hit us when we can do something about it? Today people are coming up with better and brighter ideas to make this world a safer place to live. One such approach is Earthquake Insurance.

Protect yourself and your home

An earthquake insurance allows the policyholder to be paid during the event of an earthquake, since household insurance policies generally do not cover the loss incurred during an earthquake. This is an uneconomical thing to do since you never know when an earthquake hits you. Although household insurances do not cover earthquake insurance it can be added as another endorsement or a separate policy. Yet people in many places do not wish to take up earthquake insurance due to it being considered another expense, but the fact of the matter is they are actually quite inexpensive. Generally the rates vary from one insurance company to another, and older homes cost more to insure than newer homes. Wooden houses have better rates than brick houses due to their withstanding capacity. Since earthquake insurances is a type of catastrophic coverage most policies carry a high deductible of 2 to 20 percent your replacement coverage limit.

Before you wish to apply for an earthquake insurance you should get your facts right, that is how much should you insure your house for, is the money appropriate to cover the costs of rebuilding your house or replacing broken elements in your house? In addition to this you should know your insurance rights since in view of any action which breaks the laws your insurance cannot be guaranteed. In addition to that the other important aspects include the financial strength of the company selling you the insurance. The features and pricing in their policy. The fact that your house is most certainly in an earthquake prone area, as well as the equity you have in your home.

Know your rights

Another point to be noted when filing for an earthquake insurance claim is to know your rights for filing claims before signing on the policy. It is important that you know how much time you are given to file a claim after an earthquake hits you, since there are times when the damages are not as immediate as they may seem following an earthquake. In some cases owners may still say no to the idea of an earthquake insurance due to reasons such as the disaster coverage price being too expensive, deductibles being too high, the coverage not being unlimited or what happens in most cases-the Government will help us. Yet, it is considered to be a highly risky decision since you never know if you have enough money to repair or even buy a new house, or if the government would really bother, and the most dangerous situation-being under innumerous debts and adding the cost of repairing your house would just burden you further. Thus it is necessary that one does file for an earthquake insurance especially if they are living in any area which may be prone to earthquakes.

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