Can you buy earthquake insurance? Yes but not now.

Earthquake insurance will cost the average homeowner about $ 200 a year.

GRENESBORO, NC – “We started last week with a hurricane and ended the week with an earthquake. I don’t think people have any idea what is not in their insurance policy,” said Christopher Cook of Alliance Insurance Services.

What is not in a standard homeowner insurance policy? Flood, earthquake and wind damage. For example, damage from Sunday’s earthquake will only be covered if the homeowner covers the earthquake. Most people don’t have this extra coverage.

Cook says only two of his 4,000 customers have earthquake coverage. And right now, even if you have the money to buy coverage, you can’t get it.

We’ve already had companies telling us not to issue insurance for seven days, they need to know what happens before issuing policies. Then there is a two-week waiting period before we do this. You should be aware that if the ground is still shaking, companies will not allow you to add coverage. “

The closest you can get from earthquake insurance is September. It’s not all that expensive, because to cover $ 200K, the estimate is around $ 200 / year (detail, more, $ 16 / month). Something to note: Earthquake insurance doesn’t have a flat deduction in case something happens, it is a percentage of your policy. This means you can have a deductible of $ 4,000 for a flat $ 500 like when you file a fire claim.

Cook says it’s worth having your insurance agent run the numbers for you – so you can determine if you think the risk is worth it.

Much like earthquake insurance, you cannot get flood insurance before a storm comes.

“I get this question all the time, it starts like, ‘Hey, there’s a huge storm in the Bahamas and it looks like it’s coming at us. I need to add flood insurance. My answer is, “I’ll be happy to add flood insurance, today August 10, you’ll have coverage on September 11th.” There is a 30-day waiting period for flood coverage to take effect.

Even if you don’t think you need earthquake or flood coverage, if you haven’t really looked at it in two years, you should ask your insurance agent questions, because you may think you are covered when you are not.

Common misconceptions about insurance:

“ Insurance pays for things that were sudden and accidental in nature, but if you have had a bathroom leak for five years and now you have a mold in your wall and your bottom floor collapsing in your crawl space, and this has happened over a long, long and long period of time, It is not sudden and accidental, and your insurance company will not pay for it. “

Your hot water heater is no longer working. Doesn’t your policy pay for it?

“The common thing people come in contact with is maintenance items. If your water heater is 20 years old and fails, it was built to last 20 years. It’s part of home ownership, it’s stinking but your insurance doesn’t cover mechanical failure of the systems in your home.” .

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