Do You Need Earthquake Insurance For Your Home?

According to the Federal Emergency Management Agency (FEMA), earthquake insurance covers repairs and personal belongings damaged by this natural disaster. It also provides additional monetary support to help you get back on your feet if your house is no longer suitable or safe to live in. However, earthquake coverage is something that isn't typically included in home insurance policies. So, it's up to you to decide whether or not this type of policy is beneficial for you and your family.

Earthquakes can happen at any moment, and when they do occur, they can cause a significant amount of damage. While you may not think earthquake insurance is necessary, this type of coverage can save you thousands of dollars. However, how do you know if an earthquake covering is essential for you or your home? If you're not sure if you should get earthquake insurance, we'll detail the top reasons why this type of coverage is beneficial.

You live in a high-risk area

In many places around the country, the likelihood of an earthquake striking is high. According to the U.S. Geological Survey (USGS), cities located in a seismic or seismic hazard zone are at more risk. Yes, geographical location matters a lot and may mean that your city is situated near an active fault line. While earthquakes can happen anywhere, the following states have a much higher potential: Alaska, California, Oregon, Hawaii, Puerto Rico, Nevada, and Washington.

So, if you live in a high-risk area, hazard insurance is recommended. This is because earthquakes can cause catastrophic damage to your home, and you want to minimize how much you have to pay out of pocket to get back on your feet. By adding earthquake insurance to your existing homeowner's policy, you can protect your house from the aftermath of this type of natural disaster. Plus, you may receive compensation for damages to your personal belongings.

You can't afford to start again

You may be forced to start your life again if your home is damaged in an earthquake. Without earthquake insurance, fixing your house, replacing personal belongings, and finding a new place to live can cost thousands, especially if a massive earthquake strikes your city. And while earthquake covering payments and deductibles aren't cheap, this type of scope can help you significantly.

If you're planning on getting earthquake insurance, make sure to shop around for the best policy by asking for quotes. You also want to read the policy's terms and conditions carefully to ensure you'll get the most out of it should an earthquake occur. You can also look for discounts to reduce how much you have to pay for an earthquake covering. For example, according to the California Earthquake Authority, people living in a home that was built before 1980 with wood-frame construction and on a foundation that isn't slabbed or those who have a home that has been retrofitted may be able to get 25% off of their insurance premium.