Why the Cost of Earthquake Insurance varies based on location

If you are seeking earthquake insurance, you may have already learned that the amount of money needed to buy coverage in your state may vary quite dramatically from how much it costs in another area. Your policy rates will vary based on a number of different things, not only location, but in the case of earthquake insurance the location has far more of an impact than it does with any other kind of insurance. For example, car insurance can vary quite a bit according to the area where you live, but even that is a fairly minor difference when it is compared to earthquake insurance cost variations by state.

It is commonly known that California residents tend to experience more earthquakes than people in any other area of the country, however the west coast is not exclusively the only area in the United States that can expect to get hit by earthquakes. There have been recent earthquakes on the east coast — in fact a quite devastating one occurred in August of 2011, and many of the people affected were unprepared because they simply did not expect that earthquakes would ever hit their area.

Today, people can and should purchase earthquake insurance coverage regardless of what area they live in, but it is true that you can expect price to vary based upon a few different factors. First, the area you live in has a grade between one and five, and this grade indicates how likely the area is to have earthquakes. This number figures quite heavily into the costs.

Another number that can make a big difference in the price of your earthquake policy is the price of your home, and this can of course vary depending upon the area where you live. Due to the fact that earthquake insurance is catastrophic in nature, most times that the policy will be used is for a total rebuilding of a home. If your home is in an expensive area, especially if you are in a state like California, you are most likely to have higher costs.

It is important to discuss your earthquake insurance rates with your local independent agent. While you may have to pay more if you live in a high risk earthquake area, you can still get the lowest rates possible by using your agent’s knowledge and expertise.

Relocating? Compare Home Insurance Requirements

Compre Home Insurance RequirementsIt’s no secret that moving house is one of the most stressful events you can face in life, and when a relocation means purchasing a new home, you’ll have to compare home insurance to make sure your investment is covered from the day the sale is completed. When you’re moving within the same state, most insurance requirements remain the same, but if you’re moving out of state, or even to the other side of the country, comparing insurance can become complicated due to the regional difference.

Be Informed When You Compare Home Insurance

When it comes to protecting your home, you’re protecting your finances. Let’s face it: in the event of severe damages such as a fire or an earthquake, you’ll need insurance to cover the costs of repairs or even replacement. But beyond the coverage you probably know you need, such as homeowners liability and personal property, you also need to know what the local requirements are. You can find this out by going to your state’s department of insurance. Most of them have an informative website, but you can also contact them by phone to ask for information. This is where you’ll find out how much coverage you need, whether you need extra flood insurance, whether earthquake insurance is mandatory, etc. Use the information you receive to evaluate your own needs, as well as the quotes you get from various insurance agents and brokers. This will allow you to make an educated decision about the best insurance for your personal situation, no matter where you live in the United States.

Fearful Natural Phenomenon – Earthquake

Do Not Be A VictimYou may sit back and peacefully enjoy with your family till a sudden and violent shaking of ground called earthquake, a tremor occurs. Perhaps, earthquake is one the most fearful natural phenomenon. It is unpredictable and occurs without any notice. Earthquake may occur due to many reasons such as explosions of high atomic bomb or nuclear power, high flow tides, heavy traffic in city streets, tumbling of streams over high falls etc. Many scientists have failed to predict when an earthquake occurs.

Earthquake in Ohio

Since the Revolutionary War, Ohio has a record of atleast 120 earthquakes which resulted in heavy damage and major injuries. So far, there have been six earthquakes in Ohio in 2010. The largest recorded earthquake with 5.5 magnitude in Ohio, shook the entire Anna city in the midnight. The area around Anna has been the epicenter for more than 40 quakes. Even Ohio’s two nuclear power plants are not free from the risk of quakes. The Geological Survey of Ohio has recorded earthquakes which had 4.5 magnitude or even more. Though many earthquakes occurred, no one were severely injured or killed. The state of Ohio’s designs it’s seismic network to identify high risk zones and communicate the same information to its residents after an earthquake.

Ohio Earthquake Insurance

If you are looking for a comprehensive home owners insurance or purely an earthquake insurance policy, obtaining an earthquake insurance quote in Ohio much before any other policy is a must. If your location is very much prone to earthquake then do not delay in choosing a policy which provides you financial support when disaster strikes. Not all homeowners insurance policy will pay when their homes are damaged by earthquake.

Do remember if you are opting for ‘all perils’ coverage, make sure you check with your agent if it covers earthquake. Generally ‘all perils’ coverage does not cover earthquake, it differs from one company to another. There are such few instances where a home owner with a requirement for mortgage needs to have an earthquake insurance. If you are residing in earthquake zone areas and looking for that peace of mind to be protected financially in the event of any damage then insurance is definitely a good purchase.

Compare Homeowners Insurance Before Disaster Strikes

With all of the terrible natural disasters that have hit the planet in recent months, many people arePrecautions starting to compare homeowners insurance in order to add earthquake and flood insurance to their policies. Regular homeowners insurance policies do not include these options, but simply adding them to your policy could increase your insurance premiums significantly. However, not adding them could result in insurmountable costs in the event of a natural disaster. So how can comparing insurance help you get the coverage you need at rates you can afford?

Why you should compare homeowners insurance
When you compare homeowners insurance quotes, you’ll find the price varies significantly from company to company, and it’s not unusual to find a quote that offers you a better rate than you’re currently paying. Adding flood and earthquake insurance becomes much more affordable when you’re paying less on your homeowners insurance, so it might be a good idea to switch insurance carriers. A word of warning, however: most insurance carriers require at least 30 days notice before you can terminate your policy, so read the fine print carefully before taking action. Also make sure that the policy you want to switch to is in full compliance with your mortgage lender’s requirements.

Comparing insurance online
Comparing insurance online with AgentInsure is an easy, trustworthy way to find the best quotes on homeowners insurance. All you have to do is enter your information in the online form and your quotes will be sent to you by email. There’s no obligation to purchase any insurance and you can take all the time you need to review the quotes. Why wait? Request your free quotes from AgentInsure today!

Will You Be Covered for Earthquake, Hurricane or Flood?

Are You Covered ?Recent events across the world – in places as far away as Japan and as close to home as Tennessee and Alabama – are serving as sobering reminders that often, the home insurance coverage we think will protect our homes from just about any threat under the sun is simply not enough. Do you live in an area of the country that’s at risk for earthquake, hurricanes, and flooding? If so, there’s no better time than now to get a homeowners quote for supplemental insurance coverage.

These are the facts as you may not know them:

• Standard home insurance coverage does not cover you for damages that occur as the result of an earthquake. If you live in a geographical region where the threat of earthquake is a daily consideration, getting a homeowners quote for supplemental earthquake insurance is a wise move.

• Homeowners insurance will not cover your home or your property in the event of a flood or hurricane. Although you may not ever have to worry about hurricane insurance if you live in an inland state, your region may very well be susceptible to flooding.

The solution:

You can buy supplemental earthquake, hurricane, and flood insurance if you live in an at-risk area. Taking steps by getting a homeowners quote for these extra coverages could save you from catastrophic loss down the line.

The Difference Between Flat Rate and Percentage Deductibles

You’re probably well aware of what a home insurance deductible is. And if you’ve paid really good attention, you might even know what yours is. But these days, with insurance companies offering a broader range of options when it comes to how much money you’ll have to pay out of pocket before insurance payments kick in, it’s getting a bit tougher to keep everything straight. There’s a big difference between percentage and flat rate deductibles.

What’s a Flat Rate Deductible?
If you have a flat rate deductible, it means that you’re required to pay a fixeKnow the Differenced amount of money before the insurance company will step in to pick up the rest of the bill. If you have a flat rate deductible of $1000 and your home damage repair estimate is $750, this means that you’ll have to pay the full amount because it doesn’t exceed your deductible limit. If, however, your repair estimate comes to $5000 and the damages are covered by your insurance policy, your insurance company will pay the full amount while you pay only $1000 out of pocket.

What’s a Percentage Deductible?
Percentage deductibles are more commonly used for hurricane and earthquake insurance, and set your deductible at a fixed percentage of your home’s insured value instead of a flat dollar amount. What this means is that if your home’s insured value is $250,000 and your hurricane deductible is 3 percent, the amount you’ll end up paying out of pocket for an insurance claim is $7500. The percentage range can vary widely depending on where you live, and in some instances are set by state law.