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Home > Property Insurance Coverage > Coverage Options > Discovering the Benefits of Earthquake Insurance
Discovering the Benefits of Earthquake Insurance
According to the California Earthquake Authority, a reduced number of people in the United States buy earthquake insurance to cover damages. Although the potential magnitude of earthquakes is immeasurable, some homeowners do not insure their personal property and belongings against unthinkable consequences following an earthquake.
The stipulated conditions under which earthquake insurance is based on indeed determine why some persons do not get this type of coverage. Due to the fact that standard homeowner policies do not cover earthquake damage, people need to buy a separate policy that provides benefits for this insurance. Maybe, the cost of rates surpasses people’s expectations.
There is a wide range of companies that offer this service; however, you should be careful because rates are established according to the norms of each agency. In addition, another important aspect is that the amount of insurance depends on reconstruction costs. Therefore, the market value of property and belongings cannot be taken into account. Having these points clear, you know that earthquake insurance policy should cover the expenses to replace or repair what you lost. It is also fundamental to ask your insurance company how much time do you have to claim for damages.
The type of material used to build the house and its antiquity are circumstances that vary the cost of insurance from home to home. Thus, for example, younger houses cost less to insure than older ones, and wood houses have better prices because wood withstands earthquakes better than brick. The importance of buying insurance coverage is that it diminishes the chance of loosing everything because of destructive events.
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