Earthquake Insurance – What you need to know
What are the two most important things to know about earthquake insurance?
Earthquakes have occurred in 39 states since 1900, and about 90% of Americans live in areas considered seismically active. For many of our neighbors in Oregon and Washington earthquake insurance can be inexpensive –contact us today to find out what the costs would be for your home.
Most homeowner, condo and rental insurance policies do not cover damage caused by an earthquake, but coverage can be purchased as an endorsement or a separate policy. You may be able to choose to purchase earthquake insurance from the same company that provides your home insurance, from a specialized earthquake insurance provider, or from an independent organization such as the California Earthquake Authority (CEA).
In all likelihood, almost the entire US would be better protected by purchasing earthquake insurance. Consider the facts:
In the West: According to the U.S. Geological Survey, there is a 70 percent probability that one or more damaging earthquakes of magnitude 6.7 or larger will strike the San Francisco Bay area during the next 30 years.
In the East: The Earthquake Education Center at Charleston Southern University claims there's a 40 to 60 percent chance of a major earthquake somewhere in the eastern United States in the next 20 years.
In the Midwest: According to the Insurance Information Institute, there's a 40 to 63 percent chance the New Madrid Fault (which runs through Arkansas, Kentucky, Missouri and Tennessee) region will suffer an earthquake with a 6.0 magnitude in the next 15 years.
Earthquake insurance provides coverage if your home is damaged by an earthquake. Standard homeowner and renters policies will not cover earthquake damage. Earthquake insurance is a separate endorsement you must buy and add to your homeowner or renters policy.
An earthquake endorsement generally excludes damages or losses from floods and tidal waves – even when caused or compounded by an earthquake. However, if you experience a loss due to a landslide, settlement, mudflow, or the rising, sinking and contracting of earth, your endorsement may cover it if the damage resulted from an earthquake.
If you are inside when an earthquake hits, stay inside and get under a heavy table or desk. Stay away from windows. Do not evacuate the building unless emergency personnel direct you to leave.
If you are outside, get away from buildings and power lines, and remember that stone and masonry facings can break loose and fall away from upper parts of buildings.
If you are in a car, stop safely away from structures, large trees, power lines, and other hazards. Stay inside the vehicle.
Keep in mind:
Earthquake insurance needs can vary significantly –talk to us today to find out how to get the best price and value on earthquake insurance for you.
We're proud to feature several fine insurance companies, including Safeco.
The right coverage is unique to you depending on whether you are in a flood zone. To find out how to protect your family and your future, call us and we can help you determine what zone you are in and what’s the right flood insurance for you.
All flood Insurance is offered through the National Flood Insurance Program
Though the government actually provides flood coverage, at Priority Insurance, we issue this policy in the event of flood damage to your insured property, and we can also service your claim.
Talk with us today to identify the best combination of coverage, value and price just for you.