If you came home and found nothing but a pile of rubble, you can afford to replace it at home? For many, the answer to what caused the damage depend. If it was the wind, fire or car accident, the most likely answer is yes. Home insurance covers damage by default, and lenders require that houses, insures their original value. If an earthquake had caused the damage, but it depends on whether the owner has earthquake insurance.

According to the United States Geological Survey, 5000 earthquake large enough to strike the United States feels it is every year. The vast majority are on the west coast, but since 1900, earthquakes have occurred in 39 states and caused damage in 50 According to the Federal Emergency Management Agency, earthquakes are the fourth most common cause of property damage in the United States. They cause an average of 0.4 billion euros per year in property damage, leakage, such as floods (0.2 billion), hurricanes (0.4 billion) and fire (0.6 billion).

About half of the damage to houses by the earthquake is the shaking of structures. The other half is the result of fires that broke out when the fault lines of natural gas, electrical wiring ignited the spark at the tip of candles, or cooking. Water from broken pipes caused damage, the destruction of the walls, ceilings, floors, and personal property. Fire and water damage is covered by insurance for the traditional owners covered, even if an earthquake was the cause of the damage.

The shock of a strong earthquake could be the construction of a house in more ways than harm. The masonry is particularly sensitive. Chimneys, fireplaces and walls of brick or block can break or tear. Tile floors, backsplashes and bathroom walls can deform, break or come loose. Concrete slabs and foundations can crack. If structural damage is so severe, the property can be condemned, even if it still is. structural damage caused by earthquake shaking is not covered by traditional homeowner insurance.

Personal property is also prone to damage by shaking. Porcelain and glass can break and fall. Paintings and mirrors can solve and break walls on the ground. Electronics such as televisions, computers and stereo systems can be thrown to the ground, damage to sensitive components. Earthquake-conscious homeowners can take preventive measures to protect fragile objects on the walls and cabinets, but still a good idea. Personal property is damaged by the earthquake are not covered by standard homeowners insurance policies.

Shake the damage is insurable, but it requires a separate insurance policy or an amendment to an existing one. In most states, private insurance companies offer earthquake insurance. In California, creating the state partner with private insurance companies a health insurance company, the limited coverage of the earthquake shelter offers. The California Earthquake Authority (CEA) is to cooperate with private insurers to provide earthquake “mini-policy”, so that the owners repair and rebuild their homes. The cover is designed to a “roof over your head” from someone whose house was received damaged by an earthquake. The mini-policies do not cover patios, terraces, pools or other structures, which are not part of the house.

Many factors affect the cost of earthquake insurance: the location of the house, which was in the building, and age. Given the level of seismic activity in the West there to ensure the more expensive homes that real estate in the rest of the country. In California, homes are more expensive in some areas that the homes in other areas of insurance. Brick houses are more expensive than wood wooden houses insure because they are less flexible and more likely to crack or collapse. Older houses are more expensive to insure than new, because a new home built to higher safety standards and partly because the materials more flexible and less resistant than the youngest. Over a long period of time to make it dry wood more prone to crack or break under stress. Concrete develops small cracks to weaken, making it less able to withstand strong shocks.

The deductibles for earthquake insurance is calculated on a percentage from 2% to 20% of the value of the house. Some owners prefer to take to keep the risk of paying a higher deductible premiums lower. Many who can not afford a big franchise, 000, payable to an 0000 house choose, for example, to pay higher premiums to protect against a larger effort in the event of an earthquake.

pay for many people the only way a large sum, as, 000 deductible is to tap into their equity in the home. The problem of course is that home equity is linked to the condition of the house. Housing would severely damaged by an earthquake likely lose value to such an extent that equity remains. If the owner of other assets, he or she will have nothing more to pay franchise. For those who do not have earthquake insurance is, the prospect of even worse. Not only do they have no equity, but they also have more money to rebuild trust. The only thing they have a mortgage to pay more. A home is the biggest asset most people possess. Ensuring this is not a luxury. It is a necessity.


Home insurance