Washington Earthquake Insurance Coverage

An earthquake is one of the most devastating events that can happen. Your homeowners/renter’s policy will not work in the event of an earthquake. To protect yourself and your property against this, an earthquake insurance policy is specially made for this kind of disaster. 

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earthquake insurance washington

Earthquake Insurance Benefits & Coverage

  • Dwelling Coverage

    In California, only 10% of people purchase insurance against these risks. In Washington, the number has risen to 11.3%, and in New Madrid, it has dropped to 12.7%. Dwelling coverage helps cover the home up to its included amount.

  • Personal Property Coverage

    The furniture. computer and TV are most likely included when buying a policy. However, you can get more coverage when you buy additional breakable coverage.

  • Additional Living Expenses

    Is the term for the expenses you incur while relocating to another location. While some homeowner's policies cover earthquake damage, many don't.  Earthquake insurance can help cover the costs of temporary living expenses, such as food and hotel stays.

  • Cost To Remove Debris

    The most likely types of homes to be damaged by an earthquake are wood-frame homes, multi-story buildings, and brick homes. Earthquake insurance can cover the cost to remove the debris damage to your property due to the earthquake.

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Why Buy An Earthquake Insurance

Important questions most of our clients asked are: “Do I need an earthquake insurance policy?” To answer this is yes! Even though your house is located where earthquakes are rare, you should acquire at least the standard policy. According to a study, all 50 states in the USA are likely to experience these ground-shaking events. Most people think that the policy is expensive, however, buying coverage can cost $800 per year, this will work with $500,000 worth of coverage.


It's crucial to have this coverage because of the high possibility of earthquakes damaging your home. Most policies allow you to set a deductible of 5%, 10%, 15%, or 25% of your dwelling coverage limit. That way, you'd pay a deductible of $45,000 if your home were destroyed by an earthquake, and your insurer would pay the rest.

 

Earthquake insurance covers damage caused by earthquakes, volcanoes, and other seismic events. It also specifies a period for a single event. The payout will pay for repairs and replacements to your home, other structures, and personal belongings. It also covers earthquake-related land stabilization and loss-of-use coverage. This policy is beneficial for earthquake-prone areas and those with a lot of buildings made of brick, stone, or clay.

 

While earthquake insurance is useful for reducing losses from earthquakes, it can be very costly, especially if your home is located in a low-risk area. In such areas, some policies will not cover the full cost of repair or rebuilding, make sure to check the state and local laws before deciding to buy a policy. This can save you thousands of dollars in the long run.

What's Cover & Not?

Protect Your Investment Against Earthquake

The standard homeowner policies don't cover earthquakes. But you can add earthquake insurance as an endorsement to your policy. The coverage includes the pay—for repairs to your dwelling and any other structures attached to it. If an earthquake causes damage to your personal property, it will cover the cost to remove debris. Additionally, it may even pay for extra living expenses.

 

The type of insurance you purchase depends on the state where you live. For example, Californian homeowners insurance is required by law to include earthquake coverage because of the high risk of seismic earthquakes. Some states do not require to have them, however, they can help you protect against quakes. Also, earthquakes can be caused by modern disposal methods. So, earthquake insurance may be worth considering even if you live in a state with a low risk of seismic activity.

Part 1: Dwelling Coverage. Sometimes referred to as Coverage A which covers home up to included amount, but not excluded with the following:

  • Your homeowners’ policy limit will be the same as your earthquake insurance.
  • The deductibles may range between 5%, 10%, 15,%, 20%, and 25%.
  • Most earthquake policies excluded landscaping, pools, fences, masonry, or separate buildings.
  • Renting or owning a condo, does not need to buy a policy.

 

Part 2: Personal Property Coverage. Also known as Coverage C which covers the things inside your home, like furniture, TVs, and computers.

  • A  $5,000 standard limit which you can increase up to $200,000.
  • The deductibles may range between 5%, 10%, 15,%, 20%, and 25%.
  • More coverage can protect you if you purchase additional breakable coverage.

 

Part 3: Additional Living Expenses/Loss of Use. A Coverage D provides temporary and extra costs to live somewhere else like hotels, while your house is inhabitable or being repaired.

  • Typically covers temporary rentals of homes, apartments, and hotel rooms, as well as restaurant meals, temporary telephone lines, furniture rental, and laundry.
  • The deductibles may range between 5%, 10%, 15,%, 20%, and 25%.
  • More coverage can protect you if you purchase additional breakable coverage.
  • The limit can range from $1,500 up to $100,000.

 

Emergency repairs coverage pays for the cost of replacing damaged items. It typically covers 5% of your dwelling and/or personal property limit. The premium will be determined depending on your deductible. Earthquake insurance deductibles will vary, but most are between ten to fifteen percent of the total rebuild value of your home. For homeowners who are concerned about their deductible, they can purchase earthquake insurance that will cover these costs.

 

Whether you need it or not, it is best to understand how a single event can wiped-out all of our dreams. Prevention is always better than cure, protect yourself and your assets by buying an earthquake insurance policy, which can be beneficial shortly. Or especially if you are in a high-risk quake area.

What Happens If My House Is Destroyed In An Earthquake Without Policy

If your house was destroyed in an earthquake, you may be wondering what happens to your home. First, your mortgage company will want to get paid. Then, your insurance company may want to recover some of the value they've built up in your home. You might want to consider getting a home inspection.


Once your home is destroyed in an earthquake, your insurance company will reimburse you for the value of your personal belongings and contents up to the limit of the dwelling coverage. However, earthquake insurance can be expensive, and premiums are typically ten to twenty percent of the insured amount. As a result, it may cause you hardship.


The cost of rebuilding your house is not covered by standard home insurance. However, a policy that covers earthquake damage is highly recommended for your property. This kind of insurance can also pay for the replacement of your car. And in case you are displaced from your home, a policy that covers relocation expenses can be purchased as well.


It's important to be aware of earthquake insurance deductibles, as they vary widely. However, deductibles can be as low as fifteen percent of the dwelling insurance limit.

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