Earthquakes can happen anywhere and it’s especially the case for residents of South Carolina. Shockingly, South Carolina only sits three degrees away from the worldwide highest frequency of earthquakes. Homeowners in South Carolina should consider signing up for Earthquake Insurance in order to protect their home from damages caused by an earthquake.
Earthquake Insurance can provide homeowners with coverage for the cost of repairing or replacing structural components of your home that are damaged as the result of an earthquake. It will also cover any furniture, clothing, appliances, and other household contents as well as additional living expenses you have incurred while living away from your home.
Earthquake Insurance can also offer liability coverage for injuries to third parties who may enter your home at the time of the quake, damage caused to another person’s property that you are legally liable for, and a host of other services and benefits.
What Kind of Coverage Does Earthquake Insurance Offer?
Earthquake Insurance can offer coverage for seismic activity that is both accompanying and consequential. The coverage includes direct damage caused by earthquakes, landslides, and land subsidences resulting in physical damage to property. It can also offer coverage for costs related to clean-up, debris removal, and temporary housing and living expenses if the residence must be vacated due to the damage of an earthquake. Additionally, it may offer limited coverage for sinkholes and mudslides.
It is important to note that Earthquake Insurance often doesn’t cover replacement value, leaving homeowners with a big gap between the actual cost of replacement and the coverage they are offered by the policy. To get the full replacement cost of all damaged items, homeowners should consider signing up for Replacement Cost Coverage since a standard policy may only offer coverage of the actual cash value of the owned items at the time of the earthquake.
Is Earthquake Insurance Expensive?
Earthquake Insurance isn’t typically expensive and can offer significant protection for homeowners in high-risk areas. The coverage is typically offered to homeowners, renters, and condominium owners and can be tailored to meet the individual needs of the policyholder.
Most states with higher risk of earthquakes require insurance companies to offer basic Earthquake Insurance policies, but oftentimes the coverage is extremely limited and additional coverage may need to be purchased to get the full protection that you need. Additionally, insurance companies in these states may require policyholders to carry both Homeowners Insurance and Earthquake Insurance simultaneously in order to provide adequate coverage.
It is important to make sure that your Earthquake Insurance policy covers all the areas that you are concerned with. This can include loss of use and additional living expenses, coverage for the full replacement cost of your property, and personal liability. All of these areas should be discussed with your insurance company to ensure you are getting full coverage.
What Other Earthquake Preparedness Tips Should I Know?
- Create an emergency and evacuation plan for your family.
- Identify hazards in your home that may cause greater damage if there is an earthquake.
- Secure any items that may be thrown around the house, such as TVs, furniture, and bookcases.
- Create a 72-hour emergency kit.
- Make sure your home is properly braced and adequately secured to the foundation.
- Review your current insurance policy for earthquake coverage or shop for an additional policy.
Conclusion
Earthquake Insurance can be a great way to protect your home and belongings from the damages caused by seismic activity. Homeowners in South Carolina should take the necessary steps to ensure that they are properly protected. Make sure to review your current policy for coverage, shop for additional coverage, and take earthquake preparedness measures to reduce the risk of damage.