Why California Residents Need Earthquake Insurance
Most people in the United States are not really worried about earthquakes. That’s certainly not the case for those in California. Even though the state is well-known for its geological activity, studies and statistics sill suggest a pretty small amount of residents actually have earthquake insurance. This is a big mistake.
The purpose of insurance is to protect yourself and your financial situation from unforeseen disasters. Earthquakes can strike without any sort of notice and can cause massive amounts of damage, especially if they take place in an urban area.
Earthquake insurance is something homeowners have to buy separately, or have added by endorsement to their policy. Even though jumping through these hoops might be time-consuming, there are a number of reasons why California residents need earthquake insurance.
Click here to learn how home insurance can improve your way of life!
Why You Need Earthquake Insurance
Earthquake insurance is important for several reasons. If your home is damaged or destroyed by an earthquake, you are off the hook for paying for repairs on your own dime. Expenses will be covered in the case of repairs or a total reconstruction.
Plus, if your home is rendered uninhabitable by an earthquake, your insurance policy might allow you to accrue money so you can live somewhere else while your home is being rebuilt. Having money to go and relocate somewhere can drastically affect your recovery process after an earthquake. It will also allow your spouse and kids to maintain a sense of normalcy even if they are in a different area.
Earthquake insurance is especially necessary in places like California since there is a potential for more quakes due to natural human activity associated with mining and fracking, which has been known to awaken dormant fault lines.
Research has shown these types of activities could mean earthquakes could start occurring with more frequency, especially in places that are not even close to a natural fault line. As a result, this means people all across California are well-served by buying earthquake insurance, even if you are not in a major city or live close to a fault line.
Earthquake insurance can be a good buffer against the types of devastating damage seen after a quake, which can include building collapses, structural damages, damage to landscaping and property, explosions, gas leaks, fires, and even flash floods and tsunamis if you are living on the California coast.
These types of damage can be very expensive to fix on your own dime, and are all examples of instances where adequate earthquake insurance would cover repair and replacement costs.
Outlook for Earthquake Insurance
Even if you are a bit wary about the sticker prices of earthquake insurance, it is still important to go and get a quote for yourself. The costs of insurance are usually less in lower-risk areas, so you could be saving a bundle of cash by not paying premiums, depending on where you are living in the state.
Ultimately, it is up to you to decide if earthquake insurance is the right way to go, but everyone living in California should still understand how important it is to purchase, no matter your situation.
Do you have a question about earthquake insurance? Click here to contact Partners Direct Insurance Services today!
Courtesy of Cuselleration
