Did you know that almost the entire United States is prone to earthquakes? In fact, in Hawaii we’ve suffered from devastating earthquakes because of our volcanic islands. When the magma pushes its way up to the surface it can cause earthquakes in the surrounding earth. Cover yourself with an Earthquake Insurance policy from Carr’s Insurance!
Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. The typical homeowner’s insurance policy does not cover earthquake loss.
Most earthquake insurance policies feature a high deductible, such as 15%+ of the value of the total insured value of the home, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates for earthquake insurance vary greatly based off of earthquake maps. Rates can also vary greatly depending what your home is made out of. Wood homes withstand earthquakes better than homes made of brick.
To learn more about what earthquake insurance covers, and what isn’t covered, please call our offices today at 808-836-CARR or 808-836-2277
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Frequently Asked Questions about Earthquake Insurance
Is earthquake insurance included in my homeowners’ insurance?
No, earthquake insurance is not included in your traditional home insurance policy. You will need a separate earthquake insurance policy to have coverage for damages caused by an earthquake.
Is earthquake insurance worth the cost?
Earthquake insurance can be expensive, so only you can decide whether the insurance is worth it. Like with any insurance, you’re off-setting your risk by purchasing the coverage.
Why are earthquake deductibles so high?
Earthquake deductibles can be low in some states, but higher in others. This is due to the likelihood that an earthquake will occur. In states where earthquakes are common such as California, Oregon, Washington and Alaska, you’ll typically only find higher deductible plans.