True, the earth, we reside in, is the most beautiful of those planets in the solar system. However, to dwell in this delightful location, we will need to put up with its negative sides nicely – natural earthquakes and disasters come in this list. To a great extent, we people never predict earthquakes. Who knows what destiny has in room for us.
The best thing you can do is to stay ready for the worse emotionally and financially. In this guide, we discuss earthquake insurance, as a safe way of protecting oneself in the losses which could occur because of a damaging earthquake.
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Earthquake insurance insures for monetary losses caused because of a catastrophic earthquake or ground movement like a landslide, floods or sinkhole which entails the changing, rising or sinking of the ground surface. Whereas earthquakes and flood insurance cover losses because of a tidal wave of flooding.
An important facet with earthquake insurance is that it is no portion of the homeowner or renter insurance coverages. Rather, earthquake insurance stands individually to enjoy life insurance or automobile insurance.
Let's determine how earthquake insurance functions. Earthquake insurance, unlike many homeowner insurance forms – covers largely significant losses. The claim is paid after accounting for its deductibles which might vary from 10-25 percent. The compensation which exceeds the deductibles are paid to the client.