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Is It Time to Consider Earthquake Insurance?

The recent East Coast earthquake should prompt more people to think about their insurance coverage, as standard homeowners' and business insurance policies exclude earthquake damage....
August 30, 2011

The recent East Coast earthquake should prompt more people to think about their insurance coverage, as standard homeowners' and business insurance policies exclude earthquake damage. Earthquake coverage can be purchased as a rider to an existing policy or as a supplemental policy, but experts say that most property owners -- even those in California, where earthquakes are more common -- do not carry such coverage. Premiums are based on location, type of building, and the age of the building, and deductibles are between 2 percent and 20 percent of the building's replacement value.

Read more on the need for earthquake insurance: Earthquake Insurance Considerations (Insurance Journal 8/25/11)

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