Although we don’t here much about them in New England and the Northeast, earthquakes are one of the natural disasters that are not typically covered under standard homeowners insurance policies. According to the Insurance Information Institute, earthquake coverage is available in the form of a separate policy or an endorsement from most private insurers. An earthquake insurance endorsement added to your home, condominium or rental policy can better protect you.
Earthquakes don’t just happen in California, they can occur in all 50 states even here in Bristol and Warren, Rhode Island.
A recent article we came across here at John Andrade Insurance, titled “Selling earthquake insurance to “California’s 90% uninsured” mentions how only 10% of property owners in California buy earthquake coverage! More people have coverage for food spoilage than earthquakes. Although it’s hard to believe, this is staggering. The first rule in purchasing coverage for yourself is to protect your property against big losses such as fire, floods and earthquakes. These big natural disasters are where devastating financial losses can occur. Over time, purchasing necessary coverage to protect against these disasters such as fires, flooding and even earthquakes and avoiding insuring for small losses will usually work for you in the long run.
Earthquakes can happen in all 50 states and can cause severe damage that isn’t covered under your homeowners, renters, or condominium insurance policy. Yet, many people in New England neglect to purchase earthquake coverage for their homes because they think they are safe.
Although New England doesn’t experience the high frequency of earthquakes such as out in California, they are known to occur. According to the Northeast States Emergency Consortium (NESEC), “the Northeast has experienced damaging earthquakes in the past and they will occur again in the future.”
New England is just as much at risk for devastating earthquakes as the West Coast. It is only a matter of time before another quake occurs again.
If a significant quake occurred here, damage could be heavy because our building codes don’t account for such an event. An earthquake insurance endorsement added to your home, condominium, rental, or business policy can better protect you.
Our team at John Andrade Insurance can insure you get the right coverage for your home or business. We are here to answer all your questions. We won’t let you fall through the cracks! Feel free to call us at (401) 253-6542 and visit our Facebook page!