Homeowners have a lot to consider when investing in insurance. Many believe their homeowner’s policy is sufficient to cover them in the event of natural disasters, but this is not always the case. For example, most homeowner’s insurance policies do not cover damage caused by earthquakes. Below are several facts homeowners need to know about earthquakes and insurance.
- No state is safe from earthquakes. While some states are more prone to earthquakes, none are immune to them. States like California take the lion’s share of earthquake headlines, but homeowners in any state can experience their destructive force.
- Insurers will not sell earthquake policies right after a seismic event. This is because aftershocks follow on the heels of an earthquake. Homeowners who survived the brunt of the initial wave may try to protect their home from aftershocks by investing in earthquake insurance. However, most insurance companies will suspend sales of earthquake policies until the threat of aftershocks passes.
- Aftershocks can wreak more havoc than the actual earthquake. Aftershocks are usually mild compared to earthquakes, but they can still cause damage. They occur when the earth attempts to realign itself after a major shift. However, up to 10% of aftershocks can trigger an even worse earthquake.
Scientists cannot yet identify when or where earthquakes will occur. They can make rough assessments, but precise predictions are still not possible. That is why there is no such thing as earthquake season when it comes to insurance. However, navigating the available earthquake policies can prove difficult. The Reilly Group can help homeowners evaluate their risk and how much coverage they would need to protect their home in the event of an earthquake. To learn more about earthquake policies, contact us today.