We had an initial Richter estimate of a 4.4 EQ Tuesday night @11:30pm.
Do you have it? In this heat and unusually high humidity, do you have the supplies to go the distance?
There are lots of objections to purchasing Earthquake Insurance. One is the high deductibles, which is the price you pay before the insurance company pays the balance on damages to your home. Any damages caused by Tuesdays quakes may not be large enough to reach the deductible, which means it's coming out of your pocket.
How to Pay for the Deductible
If another Northridge Earthquake hits our area damage to your home will far exceed any deductible you might have to pay. After an earthquake you don't want to take money out of your savings or 401K to pay your deductible. Smart earthquake insurance shoppers are purchasing a product called deductible “buy-back”. A deductible "buy-back" is exactly what it sounds like. You are paying a small amount up front to cut your potential out of pocket expense "deductible" in half.
For about the cost of a 3-year big screen extended warranty from your local TV purveyor, you can cut your out-of-pocket expense in half in case of a large earthquake. You can have the financial certainty of knowing that after the earthquake you can keep your savings intact and still re-build your home.
First, get your earthquake coverage; then, get prepared. Disaster preparedness starts with education:
- Make sure that your family, and especially your children, know where to go should an earthquake occur. The best bet may be to “Duck and Cover” under a sturdy, heavy piece of furniture.
- Be patient and wait in your hiding place for several minutes after an earthquake, since aftershocks may occur.
- Teach your children that it’s OK to stay at school or daycare, after an earthquake strikes, and that you will pick them up as soon as it’s safe.
- Have one or more disaster kits ready in your home, car, and in a safe place outside your home. To learn what should be included, visit www.fema.gov or www.ready.gov.
- In your home, securely fasten shelves and furniture to walls, store large or heavy things on lower shelves, and learn how to turn off gas and water lines if necessary. (To turn your gas line back on, you need to contact the responsible authority.)
- If your home was built before 1960 there is a chance that your foundation may not be bolted to your home. In most of Southern California, if your home was built after the 60s, it may be bolted; however, in other areas of the country that are recently experiencing quakes, that is not the case. In case of a quake this lack of a secure foundation may cause even more damage to your house. Call us for more information on how to get your home prepared for an earthquake.
- Keep in mind that a standard homeowners policy does NOT cover any damage caused by an Earthquake. If you would like to insure your home for earthquake damage, we can help! We offer unique stand‐alone earthquake insurance coverage that supplements your homeowners policy.
How to deal with after the quake and how to take care of your pets after a quake – that is the subject for our next 2 blogs. In the meantime, you can go www.hdinsure.com
under our research pages to find out more about how to protect yourself against the financial and personal losses due to damages caused by Earthquakes!