Did you read what WJBD reported about earthquakes in Illinois?
Study Suggests New Madrid Fault Zone Still Alive and Active
LOS ANGELES (AP) – Scientists said today that the New Madrid fault zone in the nation’s midsection is active and could spawn future large earthquakes. Researchers have long debated just how much of a hazard New Madrid poses. The zone stretches 150 miles, crossing parts of ….continue reading. Thanks to WJBD at wjbdradio.com for this article.
Do I have earthquake insurance?
Earthquake insurance is not an automatic coverage on your homeowners. It has to be added to your policy. Meaning you specifically have to ask for it.
Check your homeowners policy it will say on the first two or three pages page of the policy, also known as the declaration pages, if you have the coverage.
Is there a deductible?
Did you know that your deductible on your homeowners is not the same as your earthquake deductible?
What is my deductible on my homeowners?
Let’s say your home is insured at *$200,000 and you have a deductible of $1,000. You will have to pay the $1,000 first if a covered loss occurs to your home….
…except earthquake.
What is my earthquake deductible?
Your earthquake insurance deductible is a certain percentage of your home replacement cost value. The average percentage is 10%-20% depending on the company.
Example of earthquake deductible
So if you had a 10% deductible on *$200,000 home, your deductible would be $20,000 dollars for an earthquake!
Do I need it?
We buy insurance to protect our home (most of the time our biggest asset) in case something happens. According to the experts (article above) an earthquake is going to happen. Earthquake insurance is a good bet considering the cost
What does earthquake insurance cost?
There are many factors that determine the cost.
- The size of the home.
- The type of the home
- The exterior covering (a brick home is a lot more than a vinyl sided home)
- The location of the home
With that said, the average cost I see in Southern Illinois is between $90-$200 a year.
Questions? Please call me at the number on the top right on this page.
Thanks again to WJBD at wjbdradio.com for this article.
*the values of the homes listed above are replacement cost, that is different than the sell value of your home
