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About Real Estate: Homeowners can take steps to curb rising insurance costs
A. Millions of homeowners across the U.S. are sharing your shock, if not downright outrage, about steep increases in the cost of their insurance coverage.
One reason behind the big rise is the unusually large number of tornadoes, hurricanes, snowstorms and even earthquakes that have hit the nation this year. Insurers are trying to recoup some of the cost of the billions of dollars in cash payouts made after those catastrophes, and raising rates is a quick and effective way to do so.
Another problem is that, while home values in most areas have dropped sharply, the actual cost of labor and materials needed to rebuild after a fire or other disaster has continued to climb between 5 percent and 10 percent in each of the past several years. Because premiums are tied to local rebuilding costs rather than to property values, you cannot afford to skimp on coverage simply because your home is worth less, or youll run the risk of being underinsured if you must make a claim.
Basics of Earthquake Insurance | Home Insurance Comparison
Ignorance
According to statistics, no many people purchase insurance for earthquakes. It has decreased over the years, even for areas that are at risk for these events.
Why are some homeowners ignorant of earthquake insurance? Why do people not look into purchasing this type of insurance? Unfortunately, and along with other perils (an event that may cause damage to your home), earthquake insurance is not seriously considered – it is forgotten.
Yet homeowners need to consider some of these well-known exceptions that are defined on their policy. It is similar to any other event or peril, such as one who ignores the glaring need for hurricane insurance in such an area. Earthquakes are devastating and can cause plenty of damage, and can be the worst kind of risk from the insurance standpoint, as they will happen someday, sooner or later…
In Northridge, California (1994), an earthquake (6.7 magnitude) caused $40 billion in property damage, in addition to 57 deaths. According to the U.S. Geological Survey (USGS), California has a 99% chance of being struck by such an earthquake in the next 30 years (April 2008 survey).
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