Since all 50 states and the District of Columbia face some earthquake risk, the Great Shakeout Earthquake Drill on October 18, 2018 at 10:18 a.m. is a good time to ensure home and business owners are prepared, according to the Property Casualty Insurers Association of America (PCI).
“The Great Shakeout Drill provides an opportunity to test your preparedness for an earthquake and assess your overall readiness for natural disasters and other emergencies,” said Christopher Hackett, PCI senior director of personal lines policy. “Homeowners, renters and business owners should assess the risk of earthquakes where they live and consider adding an optional endorsement for earthquake damage to their policy or purchasing a separate earthquake insurance policy. Have a conversation with your insurance agent or company and take steps to reduce the potential that you could face financial ruin due to an earthquake.”
California, Washington, Oregon, Alaska, and Hawaii are the most earthquake-prone states, however, there are active seismic zones in the Midwest and East Coast. In August, a powerful magnitude 6.2 earthquake off Coos Bay in Oregon was felt more than 200 miles away in Portland and the Alaskan North Slope experienced a record-setting 6.4 earthquake, shaking the region in January.
“Earthquake risk is real and something we all need to prepare for both physically and financially, said Hackett. “Many do not realize that earthquake damage is not covered in the standard homeowners insurance policy. It must be purchased as an additional endorsement or separate policy. Even in the most earthquake-prone states, less than 10 percent of families purchase earthquake insurance, which highlights a glaring insurance coverage gap.”
Earthquakes are the least predictable of all catastrophes.
Was this article valuable?
Here are more articles you may enjoy.