tree fallen in houseNo matter where you live, there's a good chance that an earthquake can occur in your area at least once. You may not feel the earthquake, but then again, shifts in the earth's crust have been known to devastate entire cities before. Because of this, it's pertinent that you be prepared, and one of the best ways to prepare is by investing in earthquake insurance. 

But what if you live in a condo? Do you still need to invest in earthquake insurance? Let's take a closer look at the valuable answers to these questions. 

First of all, if you live in California, there's a 95 percent chance that an earthquake registering at least 7.0 in magnitude will take place within the next 23 years. This means that regardless of the property you live in, whether it be a condo or not, earthquake insurance can prove to be of value if you live in or near California. But please keep in mind that even if you don't live in California, earthquakes have been known to bring about much destruction across the country. For example, the 5.9 earthquake that hit Oklahoma a few years ago resulted in devastating damage. Those who had earthquake insurance were very fortunate for their investments. 

If you live in a condo, you need to understand that your master association policy probably doesn't cover interior damage caused by an earthquake. For instance, if an earthquake was to occur and it caused your guttering to fall off the property, this may be covered by the HOA. But if it caused pictures to fall off the wall and damage your hardwood floors, you'll need your own earthquake insurance policy to cover the repair expenses. Other examples of damage that won't likely be covered by an HOA policy include:

  • Damage to the plumbing
  • Damage to the HVAC system
  • Damage to the ceiling, walls and floors
  • Damage to your personal belongings
  • Damage to appliances

You should also keep in mind that once an earthquake takes place and causes damage, a regular condo insurance policy may not pay for the expenses you're out while living somewhere else while repairs are being made. With your own earthquake insurance policy, though, you can enjoy having most—possibly all—of your expenses paid for during the transition process of having your condo repairs performed. 

As you can see, the benefits of investing in earthquake insurance are paramount to not having to dig into your own pocket in the event of this type of natural disaster. To learn more about this insurance, please call a qualified agent serving your area. You can discuss different policy amounts, as well as various deductible options. 

Your safety is our priority. Call Salzberg Insurance Agency at (877) 757-6081 for more information on Norfolk earthquake insurance.

Has there been an earthquake in your area recently? Feel free to share your experiences in the comments section below.
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