Did you know that the United States Geological Survey reports that every state in the United States has experienced an earthquake? Here in Washington, especially on the coast, we are fully aware that we live in earthquake country. That’s why Melanie Bakala at State Farm in Lacey/Olympia and Shelton says it’s critical to understand what insurance covers after an earthquake to make sure you are prepared for the financial consequences of seismic activity.
Melanie Bakala at State Farm Says It’s Important to Understand How Earthquakes Impact Insurance Coverage
Bakala says most standard homeowners, condo owners or renters insurance policies don’t cover earthquake damage to property and personal belongings. Federal and state financial assistance after an earthquake will probably not cover all your replacement costs. Even if your neighborhood is declared a disaster area, the Federal Emergency Management Agency (FEMA) may only offer limited grant assistance, and only to those who qualify. That’s why it’s important to understand that a separate insurance policy is typically needed to cover earthquake damage.
“In most states, insurers offer earthquake insurance as a separate option to their standard homeowners policy for an additional premium,” Bakala explains, noting that premiums by state depend on statistical and risk-assessment factors.
Questions Melanie Bakala Suggests When Purchasing Insurance to Cover Earthquake Damage
Because you can’t count on standard homeowners insurance coverage to reimburse damages after a tremor, Bakala suggests that you ask yourself several questions when purchasing an earthquake insurance policy and examining the scope of coverage.
What’s the cost to replace my possessions? Replacement costs for major appliances and other expensive items could add up to a substantial sum. Plus, in addition to non-coverage for earthquake damage in typical homeowners policies, your separate earthquake policy might not cover personal property. In that case, you might want to also consider a personal articles policy.
Where would I live if my residence were uninhabitable? Your home may sustain structural damage in an earthquake.
How much is my home worth? Your earthquake coverage should match the level of coverage on your homeowners insurance.
Learn More About Earthquake Insurance From Melanie Bakala and Her State Farm Team
Contact Melanie Bakala and her State Farm team to learn more about earthquake insurance. Visit their Lacey/Olympia or Shelton websites or call 360.972.7905 (Lacey/Olympia) or 360.426.2428 (Shelton).
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