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eLearning Series:
Your Most Popular Insurance Questions
Answers For Health and Home
Insurance
( 50 articles
in this series )
Homeowners
Insurance Coverage and Earthquakes
If you are a homeowner in the United States,
you may think that your homeowners insurance covers you in
the event of any major catastrophe that may strike your home.
Think again. In the United States earthquake damage
to homes is not covered by standard homeowners insurance. Although other
forms of insurance cover damage brought on by earthquakes such
as car insurance, after examining your homeowner’s insurance
policy a little closer, you will likely find that your home
is not covered in the event of an earthquake.
In the United States there are certain areas and regions that
are more prone to earthquakes. The west coast, for example,
lies directly above a major fault line in the Earth causing
frequent earthquakes, some of which have been tremendous. California
is one state that has been home to a number of disastrous earthquakes
throughout history. However, if you do not live on the west
coast of the United States do not assume you are free of the
danger of earthquakes. Earthquakes can occur anywhere at anytime
and on average about 5,000 earthquakes occur in the United
States each year. In the past century earthquakes had been
registered in 39 of the 50 United States, well over half of
the country.
Earthquakes measuring at least a 7 on the Richter scale, which
measures the magnitude of an earthquake, occurred in both the
eastern and central regions of the United States in the 19th
century. Earthquakes can range from barely being able to be
felt, to shaking the ground so violently that major buildings
collapse to the ground. If you happen to be caught in one of
the worse earthquakes your home will surely be damaged. The
most recent earthquake to cause considerable damage to surrounding
areas was in Northridge, California in 1994. The earthquake
measured at a 6.7 magnitude on the Richter scale and caused
almost twenty million dollars in damage in Northridge and the
surrounding towns and cities. A major earthquake has the ability
to cause billions of dollars in damage to homes, businesses
and entire communities. The Northridge earthquake only measured
a 6.7, but there have been a number of larger earthquakes around
the world in subsequent years, including the earthquake centered
in the Indian Ocean which caused the Asian tsunami. That earthquake
measured a 9 on the Richter scale.
Do
not assume that just because your homeowners insurance
does not offer coverage for earthquakes that you will not
find
coverage. Earthquake insurance is available throughout the
country for those who wish to protect their homes and possessions
from the threat of earthquakes. Although a considerably low
amount of Americans currently have earthquake insurance, if
you live in an area that is at high risk of major earthquakes,
you would be a fool not to invest in earthquake insurance.
Officials realize how important earthquake insurance is for
Americans in certain areas of the country like the west coast.
They have made strides in recent years to make cuts on earthquake
insurance rates in states like California where it is vital
for citizens to consider insuring themselves against the damage
of earthquakes.
Earthquake
insurance can be relatively easy to get. Other
types of disaster insurance not covered in homeowner’s insurance
policies, such as flood insurance, are only offered through
the government. However, earthquake insurance can be easily
obtained through private insurance companies. This makes obtaining
earthquake insurance more convenient for the common citizen.
Residents of California can also obtain earthquake insurance
policies from the California Earthquake Authority. Earthquake
insurance will cover any structural damage to your home and
its contents due to the shaking and shifting of the earth caused
by earthquakes. Other damage to your home will be covered through
your homeowner’s insurance.
Unlike other natural disasters such as major hurricanes and
tornadoes, earthquakes of any size cannot be predicted. There
is no way for scientists to tell when an earthquake will strike,
which is why it is so important for you to be properly prepared
for a major destructive earthquake. If you live in an area
with a high risk of earthquake damage, make sure your home
and possessions are insured to make certain you are not left
with major losses.
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by SolveYourProblem.com : 2005
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