Earthquake Insurance: Coverage, Advantages, & Claim Process

When it comes to protecting your home, there is no substitute for a good home insurance policy. Home insurance is designed to provide financial protection for your home, your possessions, and your family in the event of a covered loss. This can include anything from a fire or theft to a natural disaster such as a hurricane or earthquake. While many people think of home insurance as protection against fire and theft, it's important to also consider the risks of natural disasters, especially if you live in an earthquake-prone region. Earthquakes can cause significant damage to homes, and the cost of repairing that damage can be financially devastating. That's why it's important to have home insurance that includes protection against earthquakes. In this article, we'll discuss the importance of earthquake insurance, how it works, and how to get the right coverage for your home. We'll also explore some of the common misconceptions about earthquake insurance and provide tips for what to do before, during, and after an earthquake to help protect your home and your family.

What is home insurance?

Home insurance is a type of general insurance that provides financial protection for your home, your possessions, and your family in the event of a covered loss. This can include damage to the structure of your home, damage to your personal belongings, and additional expenses you may incur as a result of a loss. One type of loss that home insurance can cover is damage caused by earthquakes. By having home insurance with earthquake coverage, you can have peace of mind knowing that you are financially protected in the event of an earthquake, fire, or floods. It's important to review your home insurance policy carefully to understand what is and is not covered, and to make sure you have the right level of coverage for your needs. *

Coverage of Home insurance against earthquakes

Home insurance, typically, provides coverage for a wide range of hazards, including:

1. Damage to the structure of the house

If your home is damaged by an earthquake, your home insurance policy will, generally, cover the cost of repairing or rebuilding the structure. This includes the foundation, walls, roof, and any attached structures such as a garage or deck. *

2. Personal property coverage

Your home insurance policy will also cover the cost of replacing your personal belongings if they are damaged or destroyed in an earthquake. This can include things like furniture, electronics, clothing, and appliances. However, the coverage of your policy also depends on the policy terms. *

3. Loss of use coverage

If your home is uninhabitable due to earthquake damage, your earthquake insurance policy may provide coverage for temporary housing and other expenses you incur while your home is being repaired or rebuilt. *

4. Personal liability coverage

If someone is injured on your property because of an earthquake, your home insurance policy may provide coverage for their medical expenses and any legal fees you incur if you are sued. By having home insurance that includes protection against earthquakes, you can have peace of mind knowing that you are financially protected in the event of an earthquake. It's important to review your home insurance policy carefully to understand what is and what isn’t covered, and to make sure you have the right level of coverage for your needs. *

How to raise a claim?

If you need to make a claim on your home insurance policy, the process, usually, involves the following steps:

1. Contact your insurance company as soon as possible to report the loss. You will be asked to provide details about the damage, as well as the date and time of the loss. *
2. Take photos or videos of the damage to your home and personal belongings. This will provide visual evidence for your claim. *
3. List down damaged or destroyed things. Be sure to include the age, make, model, and the serial number of each item if possible. *
4. Keep receipts for any temporary repairs or expenses you incur as a result of the loss.
5. Your insurance company may send an official to assess the damage to your home and personal belongings. Cooperate with the official and provide any requested information. *
6. Your insurance company will review your claim and determine the amount of coverage you are entitled to receive. They will typically issue a cheque for the covered amount, which you can use to pay for repairs or replacements. *

If you have any questions or concerns about the home insurance claim process , contact your insurance company for guidance. It's also a good idea to keep a copy of your insurance policy in a safe place so you can refer to it if you need to make a claim.   * Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.