Some, see insurance as a gamble. One might wonder what is purchased in return for their premium. I would point out that peace of mind can make it all worthwhile.
Earthquake coverage is not standard on any home policy, it's added with an endorsement. As an insurance agent I can easily add this coverage to most homes, rental policies and businesses. However not all buildings will qualify for an earthquake coverage endorsement, without modifications. Sometimes the only modification is strapping the water heater, other times it may require a little more work, such as in securing the frame of the house to the foundation. Don't let this stand in your way, more work and cost are in your future if you ever need EQ coverage and not have it.
In Oregon, especially here on the coast, I encourage every homeowner to have earthquake coverage. Here in the bay area experts warn that we are overdue for a 9.+ earthquake, with a drop in elevation of 8-14 feet . This disaster could very likely take your home and your job with it. Which raises the question, how would you like to pay for the rebuild, as you continue to make your mortgage payments, with possibly no job to help? Where would you stay and how much do you think that would cost ?
If you have earthquake coverage you would have:
1. Peace of Mind
2. Money to rebuild or repair
3. Money to pay for your new temporary relocation
4. Money for the contents lost or destroyed in your home
5. More Good Options for your future
Too many wait until a small earthquake or tremor strikes locally before calling their agent to attempt to add coverage. Insurance companies are always monitoring for threats from wild fires, floods, earthquakes, hurricanes, you name it. They, justifiably work hard to prevent fraud or reckless binding from happening, barring agents from binding coverage in zones with recent activity. The same goes for people who call, suddenly interested in flood insurance after a tsunami warning or watch is issued. It's too late!
Insurance is there, much like a protective barrier around you and everything you hold important. It protects you from the hazards you find most threatening. For some this threat is a life of poverty brought from a major liability claim (and a pack of skilled lawyers), for others it could be their reputation, way of life or health at stake. Whatever the threat, a good defense requires foresight and strategy. Insurance is the barrier that you put in between these unfortunate situations and yourself. Your protective barrier is only as good as you make it.
So, what are you waiting for? Take the time now to make an appointment. While you are at it, start gathering your back-up supplies. You'll thank me later.