What is Earthquake Insurance?
Homes that are located in earthquake zones need to be insured against partial damage or complete destruction. Homeowners who purchase the right type of insurance policies can receive enough money to rebuild their properties. Additionally, money is provided to reinforce foundations and other structural components that can withstand earthquakes.
Who Is It For
This insurance appeals to homeowners who live in geographic locations that are susceptible to earthquakes. Before purchasing insurance, it’s important to review local records about seismic activity that has occurred throughout the years. Earthquakes are considered to be cyclical in nature, which means that they may strike at any time in the same places that have been previously devastated.
How It Works
Earthquake insurance is designed to provide money for complete or partial restoration of a residential property. If a claim is filed after an earthquake, a deductible might have to be paid fully before coverage is initiated. Insurance agencies also dispatch inspectors who are in charge of appraising the extent of the monetary losses that have been caused directly by an earthquake. After the appraisal, the insurance company sends out a check promptly in order to initiate the process of rebuilding, remodeling, or restoration.
Different Types of Coverage in Existence
Dwelling coverage includes various parts of a home that may collapse or get partially damaged due to the shaking of the ground. Roofs, foundations, and walls are some major stationary structures that are fully covered under insurance protection. An earthquake can cause a roof or ceiling to collapse, something that may lead to serious or fatal injuries. Insurance pays for bodily injuries to residents or guests who were in an insured property at the time of an earthquake. Personal belongings such as electronics and jewelry may also be insured against destruction.
Having insurance against earthquakes provides peace of mind for homeowners who reside near fault lines that may be activated by seismic movement. Additionally, insurance provides coverage against damage that results from secondary or subsequent events such as mudslides or collapse of sinkholes that follow intense shaking of the ground.
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