The average tenant is not familiar with his homeowners insurance policy. Of course, this may prove overly problematic for those who have to deal with the risks and consequences of losses and damages.
Did you know? The standard policy does not cover damage caused by an earthquake. In addition, earthquakes can really flare up in places where it is unusual for its general occurrence.
Ironically, earthquakes, as is known, occur in thirty-nine states of this country. Approximately ninety percent of Americans remain in the spots that have an active movement of the earth and the status of responsibility. What should be a relief for many without much coverage is that earthquake insurance should not be expensive. An experienced independent agency that has the best interests of the client will be able to provide additional information about policies that are suitable for homeowners, condominiums, tenants or homeowners with low rates.
To understand why most people in the United States will benefit by adding an earthquake racer to their policies, consider the following:
• In the foreseeable future, 70% of devastating earthquakes with a magnitude of 6.7 or higher are likely to occur in the San Francisco Bay Area.
• In the foreseeable future, the likelihood of a forty to sixty percent earthquake occurring in the eastern United States is a forty to sixty percent probability.
• There is a likelihood of forty to sixty-three new errors in Madrid in the states of Arkansas, Kentucky, Missouri and Tennessee to experience a genuine earthquake, measuring 6.0 in the foreseeable future.
To summarize, your insurance specialist will tell you that the cover provides protection in case your home causes damage from an earthquake. An earthquake usually does not cover floods or tidal waves. However, you must suffer losses as a result of an earthquake, such as a landslide, land settlement, mud flow, or due to lifting, lowering or squeezing the ground, the coating can protect you.
When purchasing earthquake insurance, specify the following:
• Will this form of coverage only protect my home? How about a garage where my car, truck, motorcycle, or any other vehicle that I drive is parked?
• Will he cover my lovers inside my house? Will he pay rent if I need to temporarily move as a result of household damage?
• Are there exceptions or limitations to coverage?
• How high is the deductible amount before any insurance payments?
As with any form of insurance, earthquake confirmation is complicated. Be sure to discuss all aspects of your plan with an agent you can trust.
