I live in Washington, DC, on Tuesday and my house shook in the earthquake. I do not have much damage, but now I am wondering if I have any seismic coverage under my homeowners insurance? If not, how much will it cost increase? And now there is a hurricane coming, too! Reach is what I have? . One week what
Ppeople up and down in the United States East coast are thinking about earthquake coverage, a 5.8 earthquake rattled August 23, Bill Howard, in the middle Atlantic states, Virginia, Alexandria, independent insurance agents, across the street from the Potomac River in Washington, We have been getting calls in the past two days from clients who do not have much around the damage, but this time want to know whether they would cover for any earthquake in the future.
Homeowners insurance policies do not include earthquakes, but you can usually buy a rider coverage added to your policy. In this area rarely experienced a major earthquake, like most of the East Coast, relatively inexpensive coverage. Howard said it would cost about $ 250 to have the highest increase in earthquake coverage coverage limit of $ 500,000 a Chubb policy in his area each year. Earthquake insurance usually have higher deductibles than standard homeowners coverage as – you may have $ 500 or $ 1,000 other types of damage, such as conventional deductions, but there is a deduction of 2% of earthquake damage to your insurance 10% limit. If the deduction of 2% 50 $ for example, in the above amount of damages $ 10,000 earthquake coverage kicks.
Policies in exchange for lower premiums even higher deductibles. Safeco baseball, for example, provides 10% to 25% earthquake deductible. Howard said the policy would cost $ 500,000 plus $ 115 per year to cover the earthquake in wood frame home, deduct 10%. The annual premiums shrink, only $ 30 per year if you put 25% deductible – but the insurance will kick you have $ 125,000 damage. Your area are rare events, such as earthquakes, you might want to lower premiums in exchange for higher deductibles. However, you need to balance, how much savings premiums out of pocket maintenance you can pay.
Price can be a very different building materials according to LSO house. Earthquake coverage costs $ 115 a timber-framed brick home will cost $ 325 per year. The premiums vary by state. The price is Virginia, Maryland and the District of Columbia is similar, says Howard. But they can be used as more of the region is known as the earthquake significantly higher. If you live in high-risk areas in California, you need to buy from the California Earthquake Authority of coverage.
If you decide to earthquake coverage, you’ll have a tough time getting any place it is now being hit by the recent earthquake. Howard said that almost all of his work with the insurance company will not give in Virginia and Washington, DC, area five days until after the last aftershock. A new seismic report 23
Some companies have even stopped for a few days post new homeowners insurance policies in the region, because home insurance cover can cause some secondary damage by the earthquake. If, for example, the gas pipeline rupture earthquake, then fire, you are generally covered by your home owner insurance fire Howard said,
Region of the expected impact of Hurricane Irene, the company will issue new the homeowner’s policy remains. Homeowners insurance covers wind damage from hurricanes and other losses – in addition to flooding – but many insurance companies temporarily stopped issuing new coverage or stop the increase in the coverage of a hurricane watch or warning has been issued area. Some expansion of the ban within one hundred miles of coastline affected by REAS.
Homeowners insurance does not cover losses from flooding, which may also cause a lot of damage in a hurricane. For this, you need to get coverage from the federal government’s National Flood Insurance Program. You can find quotes and flood risk information FloodSmart.gov, and can purchase insurance through general house insurance agent. However, there are reports before the entry into force of the 30-day waiting period.
For more information on preparing for hurricanes and other disasters, please protect your property and financial hurricane-resistant.