Earthquake Insurance

Living in regions that are active seismically really requires earthquake insurance coverage if you would like to be fully protected and live in one of these areas feeling the peace of mind that this vital coverage provides.

The kind of coverage you buy is effected by several factors, such as whether you rent or own the property that you call home. For a renter one only requires coverage to protect personal belongings that are inside the apartment or house, while a homeowner needs a policy that also covers the structure and belongings both. Some policies even pay for hotel stays should you be put out of your home as a result of a temblor.

Many insurance companies offer earthquake coverage riders (additional coverage) along with your regular homeowner’s insurance. If you are a renter, a separate policy may be the more appropriate. It is always most important to keep in mind that if have damage from a quake, only a specific earthquake policy is going to compensate you for any damage. If you are in an area where quakes are more common, insurance to cover this risk can be a great idea.

There are some instances in which you can save significant money on an earthquake policy. For example, if your house is wood-framed, you may be entitled to a discount simply due to the fact that wood is flexible and moves with the quake, hence resulting in less of a risk for major damage. Some homes have been constructed with specialized features that make the structure more resistant to damage as a result of an earthquake, again resulting in possible savings.

To cover one of life’s major investments, an earthquake insurance policy is essential. Your home is safe and your family can rest assured that help is available if an earthquake causes damage that ordinarily would be budget busting. Protect your financial future with an earthquake insurance policy- Call today for more information.
If you live in a state like California where earthquakes are relatively common place, you would be well served and quite smart to purchase earthquake insurance to protect your home, condo, and any other personal property. Some may think that the usual homeowner’s policy covers damage from an earthquake, but this is flat wrong in the vast majority of instances. To be protected, you need to purchase a separate policy for seismic events.

Flood Insurance

The Federal Emergency Management Agency (FEMA) runs a National Flood Insurance Program (NFIP) which provides flood insurance with few limitations. There are several insurance companies that offer excess insurance coverage across the country. It’s important to understand some of the facts about this policy to dispel the myths confusing people about its descriptions and significance in their lives.

When floods are declared a national disaster

A larger percentage of all the natural disasters that happen in the country revolve around some flooding with about 80 percent of flood-related insurance claims being filed in high flood-risk-areas. In most cases, FEMA offers support in times of tragedy when a presidential declaration has termed the floods a national disaster. Hence, it’s important to consider investing in a flood coverage that will protect you against flood damages even when the floods haven’t been declared a national disaster by the government.

Descriptions of the insurance policy coverage

Although a comprehensive auto insurance policy can protect your flood-related damages, you cannot get coverage using a standard homeowner’s and renter’s insurance unless it’s through the federal government.

The policy is available through NFIP to the communities that participate in the program. However, you can cheaply buy the policy from a company representative to insure yourself against these flood-related losses. Search for an agent or company that services the NFIP insurance policies. You can insure your property on a cash value basis as well as the home’s structure on a replacement basis.

The NFIP insurance policy is affordable and starts at $112 payable yearly. According to FEMA, the amount can increase up to a maximum of $250,000 depending on the amount of coverage needed and the level of flood risk expected in your area of residency. The assets of your home can get an amount of up to $100,000 per year.

With the 30-day grace period before the policy becomes effective, you shouldn’t wait to determine your level of flood risk and purchase an insurance policy from an insurer that will cover your flood damages over and above the limits of the NFIP insurance policies. Don’t just wait for the loan reliefs provided by the federal government during times of floods.