Earthquake Insurance Massachusetts

Do I need earthquake insurance?

Many homeowners are asking themselves this question and hold off on purchasing insurance; in California, only 12% of homeowners policies have earthquake coverage. Why? Denial, for one. And the thought that earthquake coverage is expensive. Depending on the coverage options you choose, earthquake insurance is fairly inexpensive and will cover the cost of your damaged home, and any assets that are damaged on your property.

When you decide to purchase earthquake insurance, remember you should buy enough to cover the costs of rebuilding your house and replacing broken possessions. The amount of insurance you buy should be based on replacement and reconstruction costs, not the market value of your property and possessions. A generally accepted rule of thumb is that you should not risk more than 10 percent of your liquid assets. A large earthquake could mean :

10 to 100 percent of your home’s structure could be damaged or destroyed
all of your belongings could be damaged or destroyed
$700-$3000 a month for temporary rent and relocation costs

Do not make the mistake of thinking earthquakes are regional or too far in-between - every area of the country is at risk for earthquake damage. Although some areas are much more of a risk than others, no area is immune.

Did You Know?

The Northeast experiences an average of 40 - 50 earthquakes per year.
Due to the solid bedrock geology of the Northeast, a large earthquake will affect a much wider area than an earthquake of similar magnitude in California.
Massachusetts has had over 350 earthquakes since 1668
An off-shore fault line gives Massachusetts 1 in 154.5 odds of experiencing a big (at least 6.0) earthquake in any given year—the same as Missouri, with its infamous New Madrid Fault.

Call us at (508) 877-0078 to talk about earthquake insurance today!

source: Weston Observatory, Weston, MA