Living in New England, you might be asking yourself, is earthquake insurance worth it? Although New England doesn’t have a high frequency of quakes such as out in California, the answer might surprise you.
Every state has some risk of damage from an earthquake, as illustrated by the 2008 U.S. Geological Survey National Seismic Hazard Map. The Northeast States Emergency Consortium (NESEC) states that “the Northeast has experienced damaging earthquakes in the past and they will occur again in the future.”
Earthquakes can strike at any time and without warning. Damages resulting from a quake are not covered by a homeowners, renters or condominium insurance policy, as they specifically exclude coverage for damages due to natural disasters such as earthquakes, floods, and landslides.
However, you can protect your home and personal property from damages from an earthquake by adding an endorsement onto your policy. An earthquake endorsement will cover damage repairs to your dwelling and personal property, the costs to remove debris, and any extra living expenses while your home is being rebuilt or repaired.
Some common exclusions include fire damage, even if the fire is related to the earthquake; damages to your land, such as sinkholes or other large cracks; vehicle damage, which may be covered by your auto policy; any preexisting damage; external water damage, which is covered by a separate flood insurance policy; and damage to masonry veneer.
Talk with your independent agent today about your risk for damage from an earthquake. For more information on earthquake endorsements, contact McGrath Insurance Group at 800-342-3859 or www.mcgrathinsurance.com.
*This article is written for informational purposes only and should not be construed as providing legal advice.