We all know that earthquakes results into serious property damages to survivors. Hence, this is already considered by any insurance companies and is giving out an insurance policy to any damages caused by earthquakes. In other words, people can apply for earthquake insurance alone. Meaning, this is a separate insurance for a damage caused by earthquake and not of any other disaster otherwise, it will not be granted.
However, we do not know yet what are the specific costs that a person can get from earthquake insurance. Insurance companies need to check or examine first what type of house or building needs to be recovered by their company. An earthquake insurance covers all the repairs and restructuring of your home or building.
They will provide you with all the necessary tools and materials needed to reconstruct your house and provide you with the necessary expenses you need while you are still coping or recovering your home. However, earthquake insurance has much higher deductibles compared to typical or common house insurance. To make a clearer breakdown for earthquake insurance, here is the list for you to know.
- Replacement value of the total damage of the building or house is set into premiums that are in multiple bases with an amount of $1000.
- Costs per material vary on some other states. Others will calculate wood frame and brick with the costs of $3 and $ 5 respectively per $1000 replacement value. Some has $50 and $90 per $1000 replacement value while others will compute it depending on the building construction and considers how old it is.
- There are states that have an Earthquake Authority that can give specific costs for each damage and can give a clearer breakdown to a certain damage claim.
There are insurance companies that can suggest you improve your building construction or the built of your house. They can even help you minimize the damage and other premiums. You may visit online to check and see more answers to your questions in case of this type of disaster.
