If you have a question the – Do I Really Need Earthquake Insurance? Do you really consider the earthquake insurance necessary for you? Your thinking may depend upon your place of living. If you are living in a state. Where the rate of an earthquake is very less you might think earthquake insurance as a financial burden. But if you are living in a state where the earthquake rate is comparatively high, you can consider earthquake insurance necessarily required for you. But if you are living a state where there is less or minimal earthquake rate. Most probably you will ignore purchasing an earthquake insurance plan.
As a matter of fact, an earthquake can occur in any state and can cause you huge damage. If an earthquake occurs in your state. It can leave you devastated with loss from thousands of dollars to the everything belongs to you. SO it is a wise decision to avail the earthquake insurance plan. If a harsh time comes. The insurance company will stand with you and will bear all loss and will give you a way to escape the hard and crucial time. The earthquake which has a magnitude more than 6 can disastrous and cause you great damage. It can even cause injuries or even deaths. Earthquake damage is usually not covered in a typical home insurance policy. So if you want to avail the earthquake insurance. You have to explore the already purchased home insurance plan to see if earthquake damage is covered in your Home Insurance.
If Earthquake damage is not covered in the normal home insurance plan you should contact your insurer to cover earthquake insurance in an already taken insurance plan. You can cover earthquake damage as add on to your already purchased plan from the same insurance company.
Why you should purchase Earthquake Insurance.
Usually, your normal home insurance does not cover the damage and injury occurring to your property or you as a result of the earthquake. Either you have to purchase earthquake damage coverage as an add on or you have to purchase a separate earthquake insurance plan. Do not rely on the Government that state will assist you to fully extend and you will be able to recover all your damage. All disaster management departments are established for the quick and immediate response like to evacuate the people, provide them with necessary food, clothes, and shelters. Rebuilding the collapsed home is not the state’s job. It totally depends upon you so do not make false expectations otherwise you will be in real trouble if any such harsh time comes.
The government can give you a loan for rehabilitating you home and you have to return the loan. The one and the only way to recover you all damages and losses occurred in an earthquake. You are required to purchase the earthquake insurance plan.
Who Needs Earthquake Insurance?
Here question arises that is it necessary for everyone to purchase earthquake insurance plan? The satisfactory answer to this question can only be given by yourself. You are the most appropriate person to asses either earthquake insurance is required for you or not. Further, getting prepared for the worst, it is an appropriate decision to have earthquake insurance policy. It will give pay you back if any harsh and hard time comes resulting from an earthquake.
Rebuilding and replacing all home belongings can cost you thousands of thousand dollars. Keeping this factor in mind it can easily understand that having earthquake insurance irrespective of state location and earthquake rate, is a wise decision.