Like floods, earthquakes are usually not covered by standard home insurance policies.
According to the U.S. Geological Survey (USGS), on Friday, March 31, 2024, two small earthquakes, one with a magnitude of 2.3 and one with a magnitude of 2.3, occurred within an hour of each other several miles apart in Surry County, North Carolina. A magnitude of 1.5) was felt. .
Although no major damage was reported, the state insurance department used the event to remind homeowners to make sure they are properly covered for damage caused by the earthquake.
“While North Carolina is not generally known for earthquakes, the damage that earthquakes can cause is generally not covered by most standard homeowners insurance policies,” said North Carolina Insurance Commissioner Mike. Causey said in a release.
Although most home insurance policies do not cover earthquake losses, the North Carolina Department of Insurance reports that direct losses from fire, explosion, and theft caused by earthquakes are typically covered. The ministry noted that a comprehensive mobile homeowner policy covers global mobility.
Causey argued that homeowners should contact their insurance agent to discuss adding earthquake coverage. These warranties can cover necessary repairs to your home and possibly other unattached structures after an earthquake. Additional coverage protects your personal property and also covers debris removal costs and additional living expenses incurred while your home is repaired or rebuilt.
“I also encourage consumers to re-insure both their homeowners insurance and auto insurance,” Causey said.
According to the USGS, earthquakes can occur in any state, and approximately 500,000 earthquakes occur each year around the world. Of the 500,000 earthquakes that occur each year, only one in five is felt and only 100 cause damage.
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