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Indian Ocean earthquakes reminder of importance of home insurance
The widespread loss of life and property damage caused by earthquakes and tsunamis in Indonesia, Samoa and American Samoa are a reminder that the U.S. is still susceptible to quakes according to Insurance Information Institute, which means that homeowners without home insurance are still vulnerable.
The widespread loss of life and property damage caused by earthquakes and tsunamis in Indonesia, Samoa and American Samoa are a reminder that the U.S. is still susceptible to quakes, according to Insurance Information Institute, which means that homeowners without home insurance are still vulnerable.
Earthquakes have occurred in 39 states and caused damage in all 50 since 1900, according to the I.I.I. Minor earthquakes struck Illinois and Nevada, for example, in 2008. There has been no major quake on the U.S. mainland since a 6.7 magnitude quake centered in Northbridge, California in 1994.
According to the I.I.I., the potential cost of earthquake damage has been increasing due to urban development in seismic areas and the vulnerability of older buildings that may not have been built or updated to the latest building codes.
Earthquakes are not covered under standard home insurance policies. Homeowners must purchase coverage through a supplemental policy. Tsunamis cause flood damage, which homeowners must also cover through a supplemental policy.
A 2005 report financed by the federal government under the auspices of the National Science and Technology Council found that the impact of a tsunami can be extremely high, even though the frequency of damaging tsunamis in the U.S. is low compared to many other countries.
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Posted: October 8, 2009
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