Is It Time to Consider Earthquake Insurance?

August 24, 2011

Insurance that covers earthquake damage is not something many homeowners in the Commonwealth have considered, that is until Tuesday.

Homeowner's insurance doesn't typically cover earthquake damage. Although, in the case of Tuesday's 5.8 magnitude quake, insurance agent Bob Short says having the extra coverage might not have done you any good.

"It's really designed for catastrophic major events. All of the earthquake coverages, if the consumer were to buy it, carry a percentage deductible," said Short, president of Short Insurance.

Earthquake coverage on a $500,000 home would cost $375 a year, according to Short. Plus, there's typically a $10,000 minimum deductible, meaning quake insurance won't be much help unless your home sustains significant damage.

Coverage also depends on how your house was built. Frame homes are less expensive to insure because they have more sway and bend and don't suffer as much damage as a brick home would in the event of an earthquake.

Source: http://www.newsplex.com/home/headlines/Is_It_Time_to_Consider_Earthquake_Insurance_128326163.html

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