Should You Get Earthquake Insurance in Tennessee?

NASHVILLE, TN (WKRN) – Did you know that in 1811 and 1812, a series of earthquakes along the New Madrid Fault shook the Earth so hard that sidewalks cracked in Washington, D.C. and rang church bells on the East Coast from shaking?

In fact, the area was so shaken that it created Reelfoot Lake, now a state park in northwest Tennessee.

Since there have been some serious earthquakes around the world in the past few days, it got us thinking about how to prepare for one here in Tennessee.

“Earthquake insurance is not something that is typically found on a regular homeowner’s insurance policy,” said Kevin Walters, a spokesman for the Tennessee Department of Commerce and Insurance.

It’s not something you would normally think of, but earthquake insurance might actually be worth taking a look at in Tennessee.

Tennessee lies on two fault lines, the New Madrid fault line in western Tennessee and the eastern Tennessee seismic zone.

A serious earthquake along either of them, especially New Madrid, would mean great damage to an enormous number of people.

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“We have millions of consumers who live along the two fault lines,” Walters said. “A catastrophic earthquake is something that scientists say could happen. Is it likely to happen? Probably not.”

Walters said he’s not trying to create fear, he just wants people to be ready for anything and be able to make up for a big loss.

“If you had an earthquake that affected your home and property,” he said, “your homeowner’s policy will not cover that.”

If you are interested, there is a complete guide to earthquake insurance on the department’s website.

Understanding your deducted amount is an important point. Most policy discounts are around 10-20% of your home’s value. So, if your home is worth about $300,000, and the deductible is 10%, you have to pay the first $30,000. Although it looks expensive, it would probably be a drop in the sea if there was a serious disaster.

“Most of the time you talk about a complete loss, and that can be very disastrous for most people,” Walters said. “They won’t be able to recover anything, and if they don’t have a policy on earthquakes, they won’t be able to make a claim.”

Walters’ division doesn’t sell insurance, they simply organize it for consumers.

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