Brushing up on earthquake insurance policies

Posted on: Wednesday, August 24, 2011

When agents consult with insurance leads, they often recommend plans depending on what part of the country they live in. For instance, because earthquakes tend to frequent the west coast, California agents are typically very familiar with earthquake coverage.

But after a 5.8-magnitude temblor struck the east coast Tuesday, earthquake protection may be something every agent should advise their insurance leads to seek.

"Everyone, no matter where they live, should contact their agent or company representative to make sure that they have the right type and amount of insurance," said Jeanne Salvatore, senior vice president and consumer spokesperson for the Insurance Information Institute.

Because earthquakes are so rare on the east coast, agents may be unfamiliar with earthquake coverage. As the Insurance Information Institute points out, it's typically not included in a standard home insurance policy and must be purchased separately. Customers may also be surprised to learn that earthquake deductibles often aren't measured in dollars but rather as a percentage of the replacement value of a structure.

The August 23 earthquake may serve as the ideal time for agents to brush themselves up on earthquake coverage plans so they can better advise their insurance leads.

Posted In: Insurance News, Property & Casualty Insurance

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