UNUSUAL EARTHQUAKES LEAVE MANY WONDERING: IS MY HOME COVERED? |
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Do I need earthquake insurance?
This is a decision every homeowner must decide based on location, the value of their property, amount of equity in the home, proximity to a fault line, type of home construction and the value of belongings. United PolicyHolders has a buying tips guide that provides useful background information, both for homeowners and for renters. One rule of thumb, listed in the guide, is that homeowners should risk no more than 10% of their liquid assets in considering how much insurance to buy. |
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What does earthquake insurance cover?
Quake insurance includes a deductible that is generally calculated as a percentage, rather than a dollar amount. It can range from 2% to 20% of the replacement value of the structure. The higher the deductible, the more money consumers save on their premiums. |
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What does it cost?
Insurance prices vary greatly by region, insurer and type of structure and can range from $300 to $400 a year to several thousand. Older buildings cost more to insure than newer structures; brick structures cost more than wooden ones, which can tolerate shaking better. The cost is the calculated on a per $1,000 basis. |
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Questions? Contact us. We're here for you. |
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