Though better known for its risk of volcanic eruptions, Hawaii is also prone to earthquakes. While this state experiences about eight quakes a year, most are minor and nondestructive. Occasionally, however, a high magnitude quake does occur. In 1868, for example, a 7.9 magnitude quake caused millions in damages and killed 77 people.
Nobody knows when the next big one will hit, so it is wise to be prepared by covering your property with a suitable earthquake insurance policy. The first step is to start collecting and comparing earthquake insurance quotes in Hawaii.
Despite the fact that Hawaii is considered a high-risk state for earthquake damage, fewer than 12 percent of home and business owners carry earthquake insurance. This extra insurance coverage is almost never included as part of a standard home or business insurance policy and often must be purchased separately.
Earthquake insurance, which typically has a very high deductible, is designed to protect you if you suffer major losses because of a quake, but it may not be helpful if an earthquake causes only minor damages to your property, such as broken plates or small cracks in a wall. To purchase earthquake coverage, it is best to research companies that provide this coverage to Hawaiians and then request quotes and policy details from at least three of them.
The Hawaiian Islands were formed by a large plume of hot magma that rose through the molten mantle between the earth’s crust and core. As it broke through the ocean’s crust, it created volcanoes, which formed the islands. According to earthquake seismologist Cecily Wolfe, “All [of Hawaii’s] earthquakes are ultimately associated with the processes that form the volcanoes.”
The many volcanoes situated on the ocean floor in the vicinity of the Hawaiian islands causes the ocean crust to flex, which can cause an earthquake. More damaging are the quakes caused by the expansion of these volcanoes as lava is pushed up from beneath the ocean.
Property belonging to residents of the islands is at risk for earthquake damage as well as the tsunamis and floods that often accompany quakes. Earthquake insurance, however, covers only damages to buildings and their contents that are the result of the ground shaking. Getting extra coverage in your policy to cover floods and tsunamis may be necessary.
Hawaii has a higher than average earthquake risk and this is reflected in the earthquake insurance quotes you are likely to receive. Rates for residential coverage are based on:
The only way to discover how much an earthquake insurance policy will cost you, specifically, is to request quotes from insurance companies that provide this coverage in Hawaii. Keep in mind that without the extra liability insurance provided by this coverage, if your home is destroyed by a an earthquake, you will have no way to receive compensation for your losses.
Finding and comparing earthquake insurance quotes for your Hawaii home or business is easy when you enlist the help of an independent agent in the Trusted Choice® network. A local agent will be familiar with your earthquake risks and can offer you advice about your various policy options. These agents can also provide you with a variety of competitively-priced policies from which to choose.
Contact a Trusted Choice agent near your home or business to get more information and you can start comparing earthquake insurance quotes in Hawaii in no time.