Earthquakes can be terrifying. They can happen anytime and anywhere and leave a trail of disaster in their wake. The entire United States is full of fault lines, leaving the nation vulnerable to earthquakes. For residents of Alaska, earthquake insurance is something to consider. If you own or rent your home, it's important to have adequate coverage for your assets and belongings in case of a large earthquake. Before you start your search for earthquake insurance quotes, read the information below for helpful insights.
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Alaska Earthquake Facts
- Alaska has an average of more than 12,000 earthquakes per year.
- More than 50 percent of earthquakes occur in the United States.
- On average, Alaska has a quake measuring at least 8.0 on the Richter scale every 13 years.
- In its most active year, Alaska had more than 24,000 earthquakes.
Alaska lies on two major tectonic plates, and when they bump into each other, earthquakes occur. Even small quakes can cause damage, so it's important to make sure your family and your home are prepared and have coverage in case of an earthquake.
What Is Earthquake Insurance?
Many homeowners are under the assumption their homeowners policy will protect them in case an earthquake strikes. Unfortunately, this may not be the case. Earthquake insurance is typically an extra liability insurance policy dedicated to covering damage from earthquakes.
While it would seem like a wise idea to have earthquake insurance covering your home in Alaska, only 9 to 12 percent of residents currently carry this extra insurance. If a large earthquake strikes or earthquake damage occurs, the residents must pay for the damage out of pocket, instead of paying a deductible for repairs. Earthquake insurance can cover more than just a home. It can protect your family and belongings after the shaking stops.
What Does Earthquake Insurance Cover in Alaska?
Earthquake insurance covers all damage associated with an earthquake. A typical earthquake insurance policy may resemble the following:
- Dwelling: This coverage insures your home and all attached structures such as a garage and porch.
- Detached structures: Your earthquake policy may cover detached structures such as a shop, pool house and shed.
- Contents: Many homeowners want to cover their belongings as well. However, expensive items such as artwork, antiques and heirlooms may require additional coverage.
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The Most Susceptible Home May Be Yours
There's no way to accurately predict the severity of an earthquake, and, unfortunately, for those residents in Alaska that own older homes, an earthquake, even a small one, can cause significant damage.
Homes that are more than 40 years old may suffer the worst damage, along with homes that have brick as a main building material. Newer homes have earthquake precautions built-in, making them more flexible when it comes to earthquakes. Thus, limiting the amount of damage they may incur.
How Much Does Earthquake Insurance Cost in Alaska?
Earthquake insurance prices vary. However, Alaska has some of the highest prices due to its seismic activity. When it comes to shopping for earthquake insurance quotes in Alaska, be sure to make yourself aware of the following:
- Your home location
- Age of home
- Value of home
- Building materials
- Any additions/upgrades
- Value of belongings
- Desired coverage
- Desired deductible
Insurers consider all of these factors, plus more, in order to give you accurate earthquake insurance quotes.
Are There Discounts Available on Earthquake Insurance?
Since earthquake insurance is expensive in AK, many insurance companies offer discounts to their customers. These discounts may include the following:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Claims-free discount
- Professional/Industry affiliation discount
Each insurance company offers different discounts and incentives, so be sure to ask about any perks you may be able to take advantage of.
How To Purchase Earthquake Insurance in Alaska
When it comes to purchasing earthquake insurance in AK, it's critical to have a professional by your side. A TrustedChoice.com agent is always available to help you get quotes, find coverage, get discounts applied to your policy or even help you file a claim.
Talk to an independent insurance agent for more information.