Money Matters: Earthquake Insurance


COLUMBIA, SC (WIS) — With all the earthquakes that have happened in the Midlands, we asked Josh Bradley of Capital City Financial if earthquake insurance is part of our regular homeowners insurance.

Bradley says although we’ve had a lot of earthquakes lately, there hasn’t been any very significant damage. However, it is important to re-evaluate your policy.

Most homeowner’s policies do not cover earthquakes, so you would need to add an addendum to your policy or purchase a separate policy.

What does earthquake insurance cover and how does it work?

The policy only covers damage caused by shaking caused by an earthquake. It will not cover anything resulting from the earthquake such as flood or fire.

These policies usually have a high deductible of around 10 to 20 percent.

How much do these policies cost and are they really worth it?

Typically the policies are not too expensive at perhaps 10 to 20 percent of your traditional homeowner’s policy. However, due to the low severity of the earthquakes and the high deductible, this may not be worth the money.

Bradley says it’s always good to talk to your insurance pros about these things to see if they’re a good fit for you.

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