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Earthquake Insurance for Seniors
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Around 57 million people live in locations with a moderate risk of shaking, while 28 million live in areas with a high risk of destructive shaking.
Earthquake insurance is not always regarded as necessary until the unfortunate happens when it is necessary!
Unfortunately, Earthquake Damage is a typical exclusion in homeowners, condo, and renters insurance plans. An earthquake insurance policy may provide coverage for difficulties caused by earthquakes. But, before you buy an insurance, make sure you read it thoroughly. There are often limitations and restrictions to coverage.
American Homeowners may be able to acquire a coverage that includes ordinarily prohibited objects like awnings, plaster, masonry chimneys, outdoor water supply systems, and subterranean constructions outside the house foundation. If these kinds of things are essential to you, it’s a good idea to evaluate a few different plans to ensure you have the coverage you need. Take a look at the Insurance Policies available to you below and obtain the coverage you need now.
Around 57 million people live in locations with a moderate risk of shaking, while 28 million live in areas with a high risk of destructive shaking.
Earthquake insurance is not always regarded as necessary until the unfortunate happens when it is necessary!
Unfortunately, Earthquake Damage is a typical exclusion in homeowners, condo, and renters insurance plans. An earthquake insurance policy may provide coverage for difficulties caused by earthquakes. But, before you buy an insurance, make sure you read it thoroughly. There are often limitations and restrictions to coverage.
American Homeowners may be able to acquire a coverage that includes ordinarily prohibited objects like awnings, plaster, masonry chimneys, outdoor water supply systems, and subterranean constructions outside the house foundation. If these kinds of things are essential to you, it’s a good idea to evaluate a few different plans to ensure you have the coverage you need. Take a look at the Insurance Policies available to you below and obtain the coverage you need now.
Seniors Need To Be Aware Of Exactly What Earthquake Insurance Typically Covers.
There are items and fixtures that aren’t and are covered by Earthquake Insurance. Therefore to avoid future disappointment should the unexpected take place, read your policy carefully and if necessary take out extra insurance to cover items or fixtures that are important to you.
YOUR DWELLING:
This includes your house and structures attached to it. This might include concrete slab floors inside the dwelling, the foundation and other structures attached to the dwelling.
OTHER STRUCTURES:
This covers structures that are not attached to the dwelling. This might include garages, carports, storage buildings, pump houses and other structures.
Furthermore, a California Earthquake Authority policy will include bulkheads, piers, retaining walls, and masonry barriers. However, these structures are only insured if they are essential to the stability of your home.
PERSONAL PROPERTY:
This includes furniture, clothes, appliances, dishes, pots and pans, jewelry, musical instruments, rugs and other personal items. Some items have ““special limits,” meaning the policy will only pay up to a specific amount. For example a policy may include up to a $500 special limit on computers and another $500 on tools.
ADDITIONAL LIVING EXPENSES:
Also known as “loss of use,” this coverage helps pay for expenses like lodging, meals and laundry if you cannot live in your house because of earthquake damage covered by the policy.
Seniors Should Also Take Note That A Long List Of Items, Fixtures, Structures And Events May Not Be Covered!
Some earthquake insurance policies will not cover certain types of problems that occur right before, during or after an earthquake. This is a long list, however the most important might include:
• Fire (however, fire damage may be covered by your homeowners insurance)
• Earth movement from a non-seismic event, such as sinking, rising, expanding or contracting of earth because of the increase or decrease in the moisture content of the soil
• Water damage such as flood water, tidal water or an overflow of a body of water
• Neglect (meaning you didn’t take reasonable steps to protect your property)
• Defect, weakness, inadequacy, fault or unsoundness, including planning, zoning, development, design, workmanship, construction, materials and maintenance
• Explosion
• Discharge, release or escape of pollutants
• Theft, burglary, looting, vandalism and malicious mischief
• Damage caused by motorized vehicles
• Falling objects
The Cost Of Earthquake Insurance For Seniors Depends On A Few Deciding Factors.
When it comes to the price you will pay for your policy there are a few things to consider. In more high risk areas your of course will be expected to pay more. However, even in areas that are medium risk you can get peace of mind for as little as $1 per day in most states.
The Home’s Location.
If your home is an earthquake-prone area, you can expect to pay more. Homeowners in states like Alaska, California, Oregon and Washington have an average earthquake insurance cost of $800 a year, while the average cost in most states is $100 to $300 annually, according to USAA.
Age Of The Home.
Older homes can result in higher premium.
Cost To Rebuild The Home.
This includes the replacement cost to rebuild the house using materials of similar kind and quality.
Your Deductible.
A deductible is what you’ll pay out-of-pocket if you file a claim. The majority of earthquake insurance deductibles can range from 10% to 25% of the dwelling policy limit. If you go ahead and choose a higher deductible, you’ll pay a less premium. But keep in mind, 25% of a $100,000 policy limit means you’ll be paying the first $25,000 if you file a claim when an earthquake actually hits.
In a world where we are facing unprecedented climate change, that doesn’t look like it will get better in the short term, in fact it is almost certain to get worse, Seniors taking out a comprehensive earthquake insurance policy is a smart move.
