The 7.8 magnitude earthquake that struck Nepal on Saturday, has left the country in a state of complete devastation. The quake caused about $2 billion in economic losses to the country, with an estimated $800 million in property damage and long-term business interruption costs, according to an article by the Insurance Journal.
My heart goes out to everyone who has been affected by the devastating quake in Nepal. However, this disaster serves as an urgent reminder to the U.S. of the great need for earthquake insurance.
More than 143 million Americans live in earthquake-prone areas, according to new research presented by the U.S. Geological Survey, Federal Emergency Management Agency and the California Geological Survey at the recent Seismological Society of America meeting in Pasadena.
And although the greatest threat for damage in the U.S. is on the West Coast along the San Andreas Fault, New England states are still at risk for devastating damage from earthquakes. In 1755, a 6.0 magnitude quake struck the coast of Cape Anne, Massachusetts, causing damage all along coastal New England. And since such powerful quakes have occurred in the past, the Northeast States Emergency Consortium states that they will occur again in the future.
Talk with an account representative to see if earthquake insurance is right for your home or business. For more information, 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