The abrupt shaking of the earth that happens during an earthquake can cause damage to a home’s foundation. Even the smallest magnitude earthquakes can cause slight cracking of the foundation, which can be extremely expensive to fix.
Many homeowners believe that their homeowners insurance will cover all, or most, of the cost to repair a cracked foundation, but that might not be the case. Even though an earth quake is considered an ‘act of God’, it is one of the perils that are listed as excluded from basic homeowner’s insurance policies.
When a homeowner’s policy lists a peril as excluded, it typically means that any expenses related to that incident will not be covered. Homeowners that are concerned about incurring the cost of damages due to an excluded peril may want to consider purchasing extra insurance coverage.
Many insurance companies offer earthquake insurance. This is often considered an addition to an existing homeowner’s insurance policy and will cost extra. How much extra this type of insurance will cost will depend upon a number of factors including how likely an earthquake is to occur in a specific area, the cost of the home, and how old a house is.
Even though homes in the Dallas – Fort Worth, Texas area are not in immediate danger of experiencing a cracked foundation due to an earthquake, it still may put a homeowner’s mind at ease to have that extra insurance coverage.
Our independent agents at Paragon Independent Insurance Agencies can help find the extra home insurance coverage you want and need. Working closely with an independent agent, you will be able to receive multiple quotes on homeowner’s insurance policies that may include coverage against damage caused by an earthquake.
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