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Photo of Nicholas_Springer
  • Atruhor photo Nicholas Springer
    Nicholas Springer in Coverage | 231 Reads
  • 02/06/2023

Earthquake Coverage

It is not common, but still a risk

What may and may NOT be covered by Earthquake insurance
What may and may NOT be covered by Earthquake insurance

There are two times at which you may purchase or add Earthquake coverage

Nicholas Springer

Can you purchase earthquake insurance for your home?

Yes -ish

Most of the carriers that insure your home do offer an earthquake endorsement. However, there are some caveats...

There are two times at which you may purchase or add Earthquake coverage to your home policy:

  1. When the policy Starts
  2. When the policy renews

What this means is that you may not add the coverage whenever you want to - like after a devastating earthquake in another area. You may also not take it off either.

Another aspect of this coverage that needs to be discussed before purchasing is the deductible.

The deductible for the earthquake coverage is always going to be different than the normal All-Peril deductible that applies to the other coverage on the home. Earthquake coverage typically comes with a 10% deductible - this means that the deductible will be 10% of the covered value of your entire home.

Example:
Your home is insured for $300,000. This means that the deductible is going to be $30,000 - yes that's Thirty - Thousand dollars. Take that number from the total covered damage amount from the earthquake and then you get the payout.

During the last two earthquakes in Central Virginia, our agency had, If I recall, less than 10 claims submitted. Not one paid out because the damage in every single case was lower than the deductible.

Now, if there is a catastrophic earthquake in our region, the payouts would be much higher, I'm sure. The only catch is, nobody every really cares about it until it happens somewhere in the world - unfortunately that usually does not happen at renewal!

If you need earthquake now, we may still be able to help! Call us!

Homeowners Earthquake Percentage deductible
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Nicholas Springer
President

Nick Springer, current President and CEO started with the Agency in 1991 handling office tasks such as taking out the trash, filing, and licking hundreds of envelopes at the ripe old age of 10. He came back to the Agency in 2000 after school. Nick has spent his career handling all aspects of insurance from Auto and Home to Yachts. When Reta retired in 2018, Nick and his wife Shannon took over as the second-generation owners.

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