Insurance

Insurance 101- The Learning Curve Series: Earthquake Insurance

Recent studies in the past few years has suggested that Washington State has a greater chance of major Earthquake Events than were previously thought. Most Insurance Contracts exclude Earthquake Damage as a covered peril.

If you are concerned about damage from an Earthquake and the affect this may have on your financial world, call your agent to find how much an Earthquake policy would cost you.

Earthquake polices usually have deductibles based on a percentage of the Dwelling or Coverage Limit. An example might be the coverage limit of $250,000 with a 10% deductible of $25,000.

Why so high?

Remember if you have a fire it is usually contained to your property or an adjacent property, but if there is an Earthquake it affects a large area with a huge volume of claims, limiting the smaller claims helps the pool of available dollars for claims to be secure.