There are many factors when considering whether or not to purchase earthquake insurance on your home. Do you live on or near a fault line? Is your home on sandy soil or bedrock? What materials were used in the construction of your home and the quality? Earthquake coverage is not included in a typical homeowner’s insurance policy so an endorsement to your current policy or supplemental policy may be necessary.
Unlike flood insurance, which is mandatory if your home is in a flood zone, earthquake insurance is not required in quake zones. Sadly, a home can be a total loss in the event of a large earthquake so purchasing coverage will provide peace of mind in the event you cannot afford to replace or repair potential damage. Standard earthquake insurance can cover your home’s contents up to your policy limits.
The cost of earthquake insurance varies from state to state. Keep in mind, earthquakes happen more than just on the West Coast. There is no average cost for earthquake insurance. It will vary greatly depending on your deductible, coverage requested and the construction style of your home. You can also chose to purchase the coverage as an addition to your current policy or you can reach out to a carrier that specifically writes earthquake insurance.