EARTHQUAKE Insurance – Customer-friendly
What is Earthquake Insurance?
People who live and work in earthquake-prone areas are encouraged to buy this type of insurance plan. In the event of a major seismic event that registers a large magnitude on the Richter Scale, policy holders can file a claim and get money for repairs and restorations of homes or buildings. With this insurance, commercial facilities that are used by businesses can also be protected against earthquake.
Who it is For
Earthquake insurance appeals to people who reside in areas that stand in the way of potential earthquakes. By the same concept, such an insurance is also valid for commercial, industrial and municipal buildings that are located in an area that has a history of seismic activities.
How it Works
Insurance companies conduct comprehensive analysis on the geography surrounding residential and commercial properties that are insured with this policy. It is absolutely critical for insurance agencies to thoroughly review seismic data on a given region that includes insured customers. Properties that have advanced dampening systems in the foundations qualify for some significant discounts on this insurance plan. Engineers also evaluate the foundation and other major structures that are likely to be damaged by violent vibrations and trembling of the earth. Quite logically, real estate that is located near or along fault lines comes with very high insurance rates.
Different Types of Coverage in Existence
First and foremost, this insurance provides money to rebuild structures that have collapsed after an earthquake. Foundations, load-bearing walls and rooftops are some of the most common parts of a property that have to be restored and replaced after an earthquake. Personal possessions inside an insured home or building could also be protected against direct damage that is caused by an earthquake.
People who have this insurance could get plenty of financial benefits if their homes and belongings get damaged by an earthquake. With this insurance, customers can take the stress away from dealing with major damage that is done by seismic activities. It is even possible to get some compensation for physical injuries that are done from debris that falls on people during an earthquake.