If you live in an area prone to earthquakes, you shouldn't forgo earthquake insurance. It could mean the difference between being financially protected and struggling for years to come after a significant loss. But, many people wonder if they need earthquake insurance, how to save money and even how to buy an earthquake insurance plan.
Some Statistics You Need to Know
Earthquakes can happen almost anywhere. About 81 percent of those that occur in the US occur along the western coastline, from southern California up to Alaska. This is due to its location on the Ring of Fire, a Pacific earthquake belt. However, quakes can occur in other areas of the country as well. The problem is, most people in other areas of the country don't have earthquake coverage because sizable, damage-causing earthquakes in these areas are not as common. However, when and if an earthquake occurs in your area, the damage can be very costly.
Does Your Home Insurance Protect You?
In nearly all cases, people assume that homeowners insurance will offer protection for earthquakes. This is not always the case. In fact, most home insurance policies exclude earthquakes from coverage entirely. If yours does provide some level of coverage, it probably won’t provide enough to help you recover from a costly event.
How to Get Earthquake Insurance
The question is then, how can you get earthquake policies that are affordable and good enough to meet your specific goals? Here are some tips:
- Talk to your independent insurance agent and find out if your home insurance covers quakes and for how much. If it’s not enough, ask for an add-on policy for earthquake protection.
- Bundle your insurance policies to save money. Do this across all types of insurance (get it from the same carrier and ask for a bundling discount.)
- If you live in a high-risk area, don't go without it. The risks of financial devastation are much higher than buying coverage.
The key here is to discuss the options available to you with your agent to determine which plans can meet your needs. In most situations, these policies can be affordable. If not covered, your family's home and belongings could be at risk from an unpredictable risk.
Get the details you need to make an informed choice. Call Mitchell & Mitchell Insurance Agency at (888) 512-8878 for more information on Los Angeles earthquake insurance.