According to research from the Insurance Information Institute, only about 10 percent of American households have earthquake coverage to pay for property damages. Standard business and home insurance policies do not provide coverage for property damage from earthquakes, however, specific coverage is available as a supplemental policy. It covers damages from cracking and shaking caused by earthquakes which can destroy everything from pavement slabs to towering buildings.
In many instances, damages other than crumbling and cracking will occur. For example, a property that is shaken by an earthquake may have pipes that burst from the movement. If the pipes contain water, the ensuing water damage would be covered by the home insurance policy. Gas pipes may leak, and fires often ignite when this happens. Fire damage is also covered by the home insurance policy. Renters should purchase renter's insurance since it covers these resulting incidents as well. The landlord should carry earthquake insurance for the building.
Homeowners who live in California may also obtain coverage from the California Earthquake Authority. This organization has many policy choices with additional enhancements with varying deductibles to fit a wide range of budgets.
If a vehicle is damaged during an earthquake, the damages should be covered by the comprehensive part of an auto insurance plan if a person bought one. Comprehensive coverage is optional and should be purchased to fully protect vehicles from earthquake related damage.
In 2015, there were more than 30 earthquakes with a magnitude exceeding 4.0 compared to 2014 when there were only 17. Some of the largest earthquakes to hit the United States in 2015 were in Alaska or off the coast near the Aleutian Islands. Most earthquakes were moderate and occurred in Arizona, Nevada and California. The majority of the country's costliest quakes occur in California. The patterns in recent years have shown that nobody is safe from earthquakes in the United States.
To learn more about this valuable and affordable coverage in Missouri, contact an insurance agent at 351-351-HALO(4256).