As the name implies, this kind of insurance offering is designed specifically to protect property and other assets from the damage that can result from a seismic event. People often believe that this type of policy is meant for real estate, but in actuality, it can cover a myriad of different types of assets from the damage inflicted from earthquakes.
Earthquake insurance is designed for those who may likely face an earthquake at some point, especially given their geographic location. Whether this coverage is meant for personal or business assets, this coverage can a vital aspect of a real estate or asset contract, playing an important role in the attractiveness of a given property.
Any specific details of an insurance contract are subject to the terms and conditions within, but there is an overall theme that the majority of insurance packages will follow. Good earthquake insurance is meant will normally pay out after an agreed upon deductible has been met and, importantly, if there is proof that a covered asset sustained some kind of damage attributable to an earthquake happening in the area.
Along with the private earthquake policies offered, there are also policies that are designed to keep a business or real estate owner in compliance with any local rules or ordinances. This happens to be very normal in many parts of California, for example, where earthquakes are known to occur more often.
Arguably, the best benefit of an earthquake insurance package is the ability to mitigate or even eliminate many of the giant out-of-pocket costs ensuing from such possible devastation resulting from a temblor. Often, earthquakes can completely destroy one’s assets, putting a complete end to any business that has a reliance on them for its operation.
Call a professional insurance agent today for more information.