Earthquake Insurance: Do you really need it?

Category: Insurance
Author:  Larisa Martin

Upon looking up some historical facts that occurred in the month of April, I stumbled across some notations about the great earthquake and fire that ensued in San Francisco in 1906.  There was a 7.8 magnitude earthquake which then resulted in a devastating fire that destroyed most of the city.  That got me thinking about the much smaller earthquake we had in central Virginia back in August of 2011.  Even though it was not nearly as bad as the one in San Francisco, it still however resulted in a lot of property damage.  I heard reports that tremors could be felt as far north as Michigan and New England.

With that being said, even the most minor of earthquakes can cause significant damage and ever since then, a lot of policyholders have enquired about earthquake insurance.  Since Mother Nature has been throwing us a lot of curve balls over the years when it comes to the weather, I feel it is never too late to ask your insurance agent about earthquake insurance.

There are varying options of coverage available depending on which insurance company you have.  I know with one of our local insurance carriers, Loudoun Mutual out of Waterford, VA, they offer two specific endorsements for earthquake coverage.  The first is Limited Earthquake coverage; by having that endorsement you would be covered for $50,000 in damage to your dwelling and personal property.  The cost for that on an annual basis would be $35.00.

The other endorsement they offer is for Full Earthquake coverage; that would provide full coverage on your dwelling and personal property.  The cost would depend on how much replacement cost is listed for your home.

I truly believe it is worthwhile to at least look into earthquake coverage and see if your insurance company offers it and for what limits and cost.  In my opinion, you can never be covered too much against the uncertain.  It does not hurt too look into and see how it can protect you and your property against a severe loss.

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