The average home dweller is unfamiliar with his Homeowners Insurance policy. Of course, this may prove to be exceedingly problematic for those who must deal with the risks and aftermath of losses and damages. Did you know? A standard policy does not cover damages caused by an earthquake. In addition, earthquakes can actually erupt in places where it is uncommon for its general occurrence. As odd as it may seem, earthquakes have been known to occur in thirty-nine of this country's fifty states. Approximately ninety percent of Americans reside in spots that have earth movement activity and liability status. What should come as a relief to many without the particular coverage is that earthquake insurance does not have to cost a great deal. An experienced independent agency that has the customer's best interests in mind will be able to provide further information about a policy that is tailored to homeowners, condo, renters or landlord needs at low quotes. To really understand why most US residents would benefit by adding an earthquake rider to their policy, think about the following: There is a seventy percent likelihood of destructive earthquakes with a 6.7 magnitude or greater to take place in the San Francisco Bay area in the foreseeable future. There is a forty to sixty percent likelihood of a large earthquake to occur anywhere in the eastern part of the US in the foreseeable future. There is a forty to sixty-three percent likelihood of the New Madrid Fault running amid the states of Arkansas, Kentucky, Missouri and Tennessee to experience a genuine earthquake, measuring a magnitude of 6.0 in the foreseeable future. To sum it up, your insurance professional will tell you that coverage provides protection in the event your home incurs damages from an earthquake. The earthquake rider usually does not cover flood or tidal wave damage. Nonetheless, should you suffer losses as a result of an earthquake's aftereffects, such as a landslide, land settlement, mud flow or because of rising, sinking or constricting of the ground, the coverage may protect you. When buying earthquake insurance, ask the following: Will this form of coverage solely protect my home? What about the garage where my car, truck, motorcycle or any other vehicle that I drive is parked? Will it cover my belongings inside of my home? Will it pay for rent if I need to temporarily relocate as a result of home damages? Does it have coverage exclusions or limitations? How high of a deductible is there prior to any coverage payments? Like any form of insurance, an earthquake endorsement is complicated. Be sure to discuss all aspects of your plan with an agent you can trust.
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