Earth Quake Insurance: Why is it important? |
Posted: January 16, 2016 |
Earthquake Insurance is a form of property insurance which helps the policy holder to recover from the damage caused by an earthquake. Most of the earthquake insurance policies include high deductibles, which makes this type of insurance useful if the entire home is destroyed, but not if there are small damages to the property. Earthquake insurance also includes the damage caused by the shaking and cracking that can damage homes excluding the indirect damages caused by earthquakes. Fire and water damage due to burst gas and water pipes caused in an event of earthquake is generally covered by the standard portion of the homeowners policy. Earthquake damage to vehicles is covered by the comprehensive portion of auto policies. Most of the regular homeowners insurance policies do not cover earthquake. It must be purchased as separate coverage, called an “endorsement." This type of insurance requires that the earthquake is the direct cause of damage to the property. One example is earthquakes causing bodies of water to produce waves, resulting in flooding. Earth quake insurance:
Earthquake can cause a great deal of damage and can land the policyholder in a big financial crisis that are not covered under the homeowners, renters or condominium insurance policy. Since these policies don't cover damage due to natural disasters such as earthquake, flood and landslides, the policyholder has to add earthquake insurance as an endorsement to the policy or get a separarte earthquake policy. A homeowners policy and earthquake insurance don’t overlap, but work together to give your home more insurance protection. Benefits of basic Earthquake insurance include:
Earthquake insurance helps to recover the loss caused by an earthquake to your property and other structures not attached to your house, like garage. It protects your personal property against damage from an earthquake. It may cover increased costs to meet current building codes and costs to stabilize the land under your home. There are limits on what earthquake insurance pays. The whole idea of having an earthquake insurance is to help put a roof back over your head. It does not replace everything you lost. In case you need Commercial Insurance, Condo Insurance California, or Earthquake Insurance California the insurance experts and professionals can provide you with the right coverage at a price that fits your budget. About Bio:
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