Earthquake Insurance 101
Living in Washington has its own perils when it comes to storms, weather and natural disasters. We may never actual need to use our insurance but it’s good to know it’s there if we need it. With that in mind, let’s look at what Earthquake Insurance is about.
Simply provides coverage if your home is destroyed by an earthquake. Earthquake Insurance is not a part of your Homeowner’s Insurance policy and therefore must be purchased as an add on to your policy. Take note: buying earthquake coverage is best when there has not been any earthquake activity recently. Insurance carriers can and do restrict earthquake coverage sales if an earthquake has occurred recently and / or is above certain levels on a Richter Scale.
Deductibles are often 10 to 30 percent of the home’s policy limit. So, if your policy limit is $700,000 and your carrier has a 10% deductible, your home’s deductible will be $70,000. What is important to note here is that an Earthquake Policy only pays for damages that exceed the deductible.
You may also have a separate deductible for personal property inside the home, unattached garages, sheds, driveways or retaining walls.
If you’re considering adding Earthquake coverage, it’s important to know that the coverage is generally not available to buy during a period of time after an earthquake.
Earthquake Damage – May Cover:
- Rising, Sinking and Contracting of Earth
Earthquake Damage – May NOT Cover:
- Tidal Waves or Tsunamis – Even when caused by an earthquake*
* Some homeowners elect to add both Earthquake and Flood Insurance to maximize their chances that a natural disaster may be covered it one damages their home.
City, County or Other Resources by City
In our search we couldn’t find a dedicated resource for each community. Please consider looking at all the resources below: