Congratulations on getting homeowners insurance. However, if you reside in an earthquake-prone area like Central Ohio, your home might not be as safe as you think. So far, you have likely been assuming that your standard home insurance policy protects against earthquake damage, but that is not the case.
Direct and Indirect Earthquake Damage
Almost all standard homeowners insurance policies don’t offer coverage for damage to your home that directly results from earthquakes. However, few policies might cover damage to your home indirectly caused by an earthquake, such as fire, breaking glass, explosion, and theft. At Insuran LLC, we recommend purchasing an earthquake insurance coverage to protect your home from earthquake damage fully.
What Is Earthquake Insurance?
Earthquake insurance is available in three options, dwelling coverage, personal property coverage, and additional living expenses coverage.
- Dwelling coverage: This insurance policy covers repairing your home’s structure up to a certain point after it has experienced earthquake damage. This policy features a deductible that can range from 5% to 25%, which the insurer will hold when paying the claim after a loss. Going for a high deductible means lower premiums.
- Personal property coverage: As the name suggests, this insurance policy will protect your home furniture, electronics, and other personal belongings damaged or lost because of the earthquake and is limited to between $5,000 and $200,000. You can also buy supplementary breakables insurance to protect things like china, crystal, and glass.
- Additional living expenses coverage: You will need to rent a place to leave as your home is being repaired after an earthquake. This earthquake insurance policy is meant to cater for the additional cost of moving, rent, food, storage, laundry, and such expenses. This insurance policy is limited to between $1500 and $100,000.
Contact us at Insuran LLC, based in Central Ohio, for more information about home insurance and earthquake insurance.
