Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. If your home is damaged from a covered loss (meaning something homeowners insurance pays for) and you can't stay there, loss of use covers hotel, rent, and food expenses above what you'd normally pay.. Many insurance carriers offer riders to provide some level of earthquake insurance to homeowners. Most ordinary homeowners insurance policies do not cover earthquake loss. Earthquake damage is generally not covered in the typical homeowner's policy so if you live in an area prone to earthquakes, you may want to check into obtaining coverage.Earthquake insurance will cover damage to your dwelling and its contents caused by damage from an earthquake such as walls that collapse or valuables that are destroyed inside your home. In states like California and Alaska where earthquakes are much more common, the average premium shoots up to $800 per year. If you don’t have earthquake insurance, you’re not covered and will have to pay for any earthquake damage or any additional costs needed to live elsewhere while your home is being repaired or rebuilt. A spokesperson for USAA revealed that, in most states, the average cost for Earthquake insurance coverage ranges between $100-$300 annually.

Earthquake insurance is available as an endorsement or a stand-alone policy. Earthquake insurance is specifically designed to cover large disasters with high losses. Understanding your earthquake insurance deductibles For this reason, the NAIC produced the Consumer’s Guide to Purchasing Earthquake Insurance. Policies vary, so consumers should ask their insurance agent or insurance company to fully explain the earthquake insurance policy’s coverage and exclusions.
Deductibles for earthquake insurance plans are higher than those in standard homeowners or renters insurance, usually from 5 to 15 percent of the policy limit. Most homeowners/fire insurance policies do not include coverage for earthquakes. With the exception of earthquake and flood insurance, most of these optional coverages are included in Amica’s Platinum Choice coverage. This coverage usually comes with a high deductible, but will provide substantial coverage in the event that your home is destroyed as a result of a significant seismic event. Do I need earthquake insurance? A damaging earthquake in South Carolina could destroy your home, and without earthquake coverage you would have to pay all of the costs to repair or rebuild your home. Given the evidence, there is a significant probability of a major earthquake in years to come. Typically excluded. To learn more about dangers of earthquakes, visit the Federal Emergency Management Agency’s earthquake information website. Platinum Choice also includes coverage …