Money Matters: Earthquake Insurance
COLUMBIA, S.C. (WIS) - With all of the earthquakes that have been happening in the Midlands, we asked Josh Bradley with Capital City Financial if earthquake insurance is part of our regular homeowner’s insurance.
Bradley says that even though we have had many earthquakes recently, there has not been very significant damage. However, it is important to re-evaluate your policy.
Most homeowner policies do not cover earthquakes so you would need to add an addendum to your policy or buy a separate policy.
What does earthquake insurance cover and how does it work?
The policy will only cover damage done by the shaking an earthquake causes. It will not cover anything that results from the earthquake like flooding or fire.
These policies usually carry a high deductible of around 10 to 20 percent.
How much do these policies cost and are they really worth it?
Typically, the policies are not too expensive at maybe 10 to 20 percent of your traditional homeowners’ policy. However, with the lack of severity of the earthquakes happening and the high deductible, it may not be worth the money.
Bradley says that it is always good to talk to your insurance professionals about these things to determine if they are a good fit for you.
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