The recent tragic earthquake and tsunami that struck Japan has raised questions regarding insurance coverage and provide a stark reminder that the United States is also vulnerable to these natural disasters, according to the Insurance Information Institute.
"Everyone, no matter where they live, should contact their agent or company representative to make sure that they have the right type and amount of insurance for their specific situation," said Jeanne M. Salvatore, senior vice president for the I.I.I. "All Americans also need to have an up-to-date home inventory of their personal possessions and an evacuation plan," she said.The potential cost of earthquakes in the United States has been growing because of increased urban development in seismically active areas and the vulnerability of older structures, which in some cities may not have been built or upgraded to current building codes. Standard homeowners, renters, and business insurance policies do not cover damage from earthquakes. Coverage is available either in the form of an endorsement or as a separate policy. (And a flood insurance policy would provide coverage for a tsunami.)
Many private insurers offer earthquake coverage. In California, homeowners can also get coverage from the California Earthquake Authority (CEA), a privately funded, publicly managed organization.
Only about 12 percent of California residents currently have earthquake coverage, down from about 30 percent in 1996, 2 years after the Northridge, California, earthquake. Unfortunately, 86 percent to 90 percent of U.S. homeowners lack earthquake coverage, according to A.M. Best.
To Learn More About The Proper Earthquake Insurance Needed To Protect Your Home Please Contact Jason Shroot @ 714.988.3325 or jason@diversifiedinsurancequotes.com or http://www.jasonsellsinsurance.com/
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