Home Insurance

7 points to consider before taking an earthquake insurance policy

If you decide to buy earthquake insurance, you will have to consider several factors before you take it up.

• Make a list of all your possessions. How much would it cost to replace your possessions, in the event of an earthquake? Is it possible for you to replace everything? If not, what would you like to include for your coverage.


• What are the living expenses in the event that an earthquake severely damages your home and it needs to be rebuilt? You have to decide on this amount for taking up the additional expenses coverage.


• How much do you owe on your mortgage, second mortgage or line of credit. You should be able to pay these loans in addition to paying the premiums for the insurance.


• Find out if the coverage offered is for structural damage only for the basic structure or does it also include coverage for structures like garage or a shed and so on.


• If you have to rebuild your home because of earthquake damages, you need to rebuild a home that adheres to the latest building norms. Find out if your insurance policy coverage allows for this.


• Look for limitations or exclusions on your policy. This is the part that people are most often caught unawares.


• Check on the deductible amounts you have to pay. Deductible on this insurance type is on the higher side so you need to be prepared for such payments.

Before you take up earthquake insurance, read up about the type of coverage offered on the policy. Find out under what circumstances you can make a claim. You should also know about the exceptions under which the policy is not applicable. The policy works differently for a single family home and for a condominium, so find out about how coverage is applicable in your case from the company or from your insurance agent.

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