Many people understand that their homeowner’s policy covers fire and water damage, but do not realize that they are not covered in the event of a natural disaster like an earthquake. Overlooking this important aspect of insurance can be dangerous, since Massachusetts was recently reminded that we are not immune to earthquakes. The recent earthquake in Virginia was felt all the way up to Boston registering a magnitude of 5.9.

It may be a surprise that earthquake insurance is not included in a standard homeowners policy. A standard policy will, however, cover damage that results from earthquakes, such as fire and water damage due to burst gas and water pipes. Earthquake insurance must be added as a separate endorsement because it covers damage caused to your home directly resulting from an earthquake’s shaking and cracking.

Like your standard homeowner’s policy, earthquake insurance premiums are based off the replacement value of your home. Options for earthquake insurance will vary according to the following:

• The location of your property
• The age of your property
• The style of your home’s construction
• The company that is currently insuring your standard homeowners policy
• Whether your home is a condominium, mobile home, or if you are a renter

At Deland, Gibson, we encourage you to consider earthquake coverage. Call us for more information and to learn how you can add this important coverage at 781.237.1515