Making Earthquake Insurance Affordable
Earthquake insurance may not be at the top of everyone's list when purchasing this type of coverage.
How often do you have earthquakes in your area? Maybe hardly any but do you know that for sure? Denial is what happened to many people who were not covered by earthquake policies before and their loss was great.
The cost may be expensive, but is affordable when broken down over the twelve months in a year and well worth the cost.
Catastrophic policies are extra when it comes to earthquakes and floods.
The cost may be too much for some people to consider when seeing the amount at first.
The fact that it only covers the insured value for the home may additionally keep people from buying this add-on policy.
Another reason may be a high deductible depending upon the amount covered for your home.
Even with the downsides said about earthquake insurance, there are many benefits to owning this policy.
In the last century, about 39 states experienced tremblers, in accordance with the U.
S.
Geological Survey.
Among the many other natural disasters one may experience, earthquakes are considered the most costly to recover from.
In addition to this news, about 90% of U.
S.
Citizens reside within possible earthquake areas.
Even though your home may have lived through the most recent large quake within your area, there are discoveries of new faults that may shake through your town.
The next big one may affect your home at any time.
Even if the structure of your home or condo is not damaged, there are outdoor areas and buildings that can be damaged or destroyed.
Repairing these back to good working condition could cost upwards of over $50,000.
You may be able to secure funding from the federal government or loans from the Small Business Administration if you own a business, but you still have to pay these loans back.
Additionally, if you walk away from your home, a foreclosure is inevitable which leaves you with ruined credit.
Are you okay with risking all of your investment in your home? Weighing the cost of premiums required annually, possible deductibles, and any extra money needed for repairs, against the possible cost of loss of your home to the big earthquake since you did not choose to buy earthquake insurance.
There is the possibility that you could handle the repairs if the earthquake was minor and the damage very little.
That may be, however, if the big one comes and you have a standard home loan, you are responsible for the loan whether the house was slightly damaged or destroyed.
Contacting your local insurance agency to find out more information about earthquake insurance can help you have a few quotes to find the right one for you.
Adding this option onto your insurance policy could save you money in the long run.
Talk to a local agent about this policy to find out more information about the protection this policy can provide.
Doing so will give you peace of mind.
How often do you have earthquakes in your area? Maybe hardly any but do you know that for sure? Denial is what happened to many people who were not covered by earthquake policies before and their loss was great.
The cost may be expensive, but is affordable when broken down over the twelve months in a year and well worth the cost.
Catastrophic policies are extra when it comes to earthquakes and floods.
The cost may be too much for some people to consider when seeing the amount at first.
The fact that it only covers the insured value for the home may additionally keep people from buying this add-on policy.
Another reason may be a high deductible depending upon the amount covered for your home.
Even with the downsides said about earthquake insurance, there are many benefits to owning this policy.
In the last century, about 39 states experienced tremblers, in accordance with the U.
S.
Geological Survey.
Among the many other natural disasters one may experience, earthquakes are considered the most costly to recover from.
In addition to this news, about 90% of U.
S.
Citizens reside within possible earthquake areas.
Even though your home may have lived through the most recent large quake within your area, there are discoveries of new faults that may shake through your town.
The next big one may affect your home at any time.
Even if the structure of your home or condo is not damaged, there are outdoor areas and buildings that can be damaged or destroyed.
Repairing these back to good working condition could cost upwards of over $50,000.
You may be able to secure funding from the federal government or loans from the Small Business Administration if you own a business, but you still have to pay these loans back.
Additionally, if you walk away from your home, a foreclosure is inevitable which leaves you with ruined credit.
Are you okay with risking all of your investment in your home? Weighing the cost of premiums required annually, possible deductibles, and any extra money needed for repairs, against the possible cost of loss of your home to the big earthquake since you did not choose to buy earthquake insurance.
There is the possibility that you could handle the repairs if the earthquake was minor and the damage very little.
That may be, however, if the big one comes and you have a standard home loan, you are responsible for the loan whether the house was slightly damaged or destroyed.
Contacting your local insurance agency to find out more information about earthquake insurance can help you have a few quotes to find the right one for you.
Adding this option onto your insurance policy could save you money in the long run.
Talk to a local agent about this policy to find out more information about the protection this policy can provide.
Doing so will give you peace of mind.
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