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The two primary methods of insuring property are open perils and named perils. Open perils cover everything that can cause a loss not specifically excluded in the policy. Common exclusions might include damage resulting from earthquakes, floods, acts of terrorism or war, and more.
Named perils are causes of loss that must be specifically listed in the policy coverage. Common named perils might be fire, lightning, explosions, hurricanes, and more.
Earthquake insurance is similar to flood insurance in that is only applies to a small portion of homeowners so it isn’t offered as a part of an ordinary homeowners policy.
Insurance companies must be very choosy about whom they insure and where. If they insure a clump of homes in an earthquake-affected area then there is a high probability that if one house is knocked down then all the homes around it will be knocked down. Such a catastrophe can quickly drain an insurance carrier’s finances.
Earthquake insurance is typically offered with a high deductible, which means it is a good value if your home is completely destroyed rather than slightly damaged. Premium rates may be lower if you own a home constructed out of wood, which withstands earthquakes better than brick structures.
Homeowners insurance is a requirement by mortgage lenders but it is also vital to homeowners in a number of ways. Homeowners insurance protects all the structures on your property against damage and assures that you will have enough money to repair your home. If it is damaged and deemed unlivable, homeowners insurance will pay for you to rent a place or stay in a hotel while it is repaired or rebuilt.
Also, if any of your belongings are damaged or stolen, homeowners insurance will pay for their replacement. Finally, it covers claims lobbied against you for injuries that happen on your property.
Using InsuranceUSA.com can help you find the right homeowners policy with earthquake insurance coverage. So, don’t delay any longer, simply enter your zip code and get started today!