Many times people have needed Flood & Earthquake Insurance and did not have them.
The question is, who should have these types of insurances? ? ?
The answer is, unless you have at least 100%-of-the-cost-to-replace-your-house, you may want to have the Earthquake coverage.
unless you live in an area that is very highly rated as NOT-likely-to-have-a-flood, you may also want to have the Flood Insurance, (unless you have money to replace your house).
Usually this coverage must be purchased separately.
The world is experiencing a major re-adjustment and re-arrangement of the earth's inner-structure,
(Earthquakes in diverse places)
At this same time, Climate Change, (Global-Warming) or, for some un-known-other-reason, the world is having an increase in hurricanes, tornadoes, and strong-storms.
These Storms & Earthquakes have increased the fact that fires and associated perils can damage or destroy your home or other property. and, it doesn't matter where you live.
The most important thing to note: Earth-Quake and Flood Insurance-Coverage are not included in a standard insurance/property-coverage policy.
(Never set your deductible at an amount that would be unaffordable when you have a claim)
A standard homeowner's policy will usually pay if you need temporary lodging because your home has been damaged in an insured disaster. Be sure and ask about this coverage.
Be sure you know what is covered in your policy: your swimming pool, fences, patio, garage, art/paintings/photos, other personal items may, or may-not be covered. Policies can vary. Be sure to read-your-policy-coverage. Out-Of-Pocket Cost Can Hit You Hard.
Have a good understanding of what you are buying from your insurance sales agent. Get a good understanding of how the insurance industry works. Know who does what in the industry, not just the sales agent that gives you your rates or quote for your property coverage.
What are these terms?, what do these people do?: commercial lines actuarial, personal lines actuaries, commercial lines underwriter, personal lines underwriter, research workers, compensation worker, claims representative, loss control representative, regulatory executive, reinsurance department, risk management, coverage limits.
When it comes to insurance, "A little learning is a dangerous thing” – “Drink Deep".
California has most of the higher cost for Earthquake Coverage. Insurance Cost will be less but vary in other parts of the U.S.
One item noted by California should be incorporated by property owners who use Natural-Gas, and that is "strapping water heaters" to the wall of the home or building structure. Regardless of whether you buy a quake policy, this is a smart move to help you reduce your losses caused by explosion or fire in a major earthquake.
Also, it is a good idea to secure breakable items by adding locks and latches to kitchen cabinets, and other cabinets, and, loose items on shelves and counter tops. (don't forget the TV) (Refrigerator & Oven can use wall Brackets)
The Government disaster-relief program is very limited and is not planned to replace your house and your belongings that you lose.
(You may also search Google – Bing – Yahoo – AOL – and other search engines for more on The United States - US Disaster Relief Program)
REMEMBER - If You Have a Mortgage On Your House, You-are-responsible-for-the-loan, even if your home is damaged or destroyed by an earthquake.
Read Your Policy-Coverage, Underline what is covered in the policy.
List the items that are NOT-Covered in the policy.
How much would it cost to rebuild your home? - "You Need To Know This".
Are You Under-Insured? - For Sure, "You Need To Know That".
Start creating a plan now to take care of yourself and your family immediately following an earthquake, then, develop a long-term plan for physical recovery, and financial recovery after an earthquake.