Maryland Earthquake Insurance

Do You Need Earthquake Insurance in Maryland?

Recently, residents of Ocean City, MD thought they felt the tremors of an earthquake and were relieved to discover that the jolting was the result of a sonic boom. While Maryland residents rarely experience earthquakes, and the quakes that do occur in this area of the country tend to be mild ones, earthquake insurance coverage is an option worth considering.

Though not a major threat in this part of the country, earthquakes do have the potential to cause expensive damage to your home or business. So it may be worth your time to request earthquake insurance quotes to see how inexpensive it can be for Maryland residents to add this coverage to their existing policies.

Maryland Earthquake Facts

  • To date, there have been approximately 64 recorded earthquakes in Maryland
  • None of these quakes registered above a 3.7 on the Richter scale
  • The first recorded earthquake to have had its epicenter in MD occurred just south of Annapolis in 1758
  • In 2011, a quake that registered 5.0 in the Richter scale occurred near Richmond, Virginia and resulted in tremors that could be strongly felt throughout Maryland
  • In 2005, a U.S. Geological Survey recorded seismic activity in the Linthicum and Ellicott City areas
  • In 1993, the MD Geological Survey recorded 20 small tremors (ranging from 1.0 to 2.7 on the Richter scale) in the Columbia area

Chances are strong that if Maryland residents experience an earthquake, it will not be a severe one. However, even a low-magnitude earthquake has the potential to damage the foundation of buildings, and this can lead to costly structural problems such as cracked walls and water leaks.

What Is Earthquake Insurance?

Earthquake insurance is not an actual product on its own. Rather, it is something that may or may not be included in other insurance policies that you carry, such as home, auto and business insurance.

Many homeowners and business insurance policies have exclusions for damages that are caused by earthquakes. If your policy is among these, you may find yourself responsible for excessive out-of-pocket costs if your property is seriously damaged by an earthquake. For this reason, you may want to consider adding an earthquake insurance endorsement to your policies.

Why Are Maryland Residents at Risk?

Although Maryland is located within a "seismic risk zone 1," meaning that only minor earthquake damage it to be expected in this area of the country, the state is located near two known fault lines that can cause tremors here, as well as extend minor faults into the state.

The New Madrid fault line is a 150-mile fault system that extends southward from Cairo, Illinois. It passes through five states, and quakes that have occurred as a result of this fault have been felt in Maryland. Additionally, there is the lesser known Marticville fault line, which is responsible for most of the seismic activity in this state.

Many people also suspect that Marcellus-shale drilling and fracking activity can cause disruption in the earth’s crust and may lead to future earthquakes. While fracking does not occur in Maryland, it is happening in surrounding areas and may eventually move into this state as well. The risks are worth considering, and it may behoove residents to look into earthquake insurance quotes.

Is Earthquake Insurance Expensive in Maryland?

Fortunately, for residents of Maryland, the risk of earthquake damage is relatively low, so adding an earthquake insurance endorsement to your home or business insurance policy will likely be very affordable.

When you request a quote, the cost of your earthquake insurance will depend largely on the value of your home or building and the materials that were used to build it. Homes made of wood, for example, can better withstand the tremors of an earthquake than homes made of brick can. For the most part, however, you can expect an earthquake insurance endorsement to cost you less than $10 per month. This is a small price to pay to secure the investment you have made in your home or business.

It is worth noting that most earthquake insurance policies offer a lot in coverage, but usually come with a high deductible. Therefore, they will not be suitable to provide compensation for minor damages. These policies are designed mostly to protect homeowners from catastrophic destruction to their homes that may be caused by an earthquake.

Maryland Residents Can Compare Earthquake Insurance Quotes

Obtaining earthquake insurance quotes for your Maryland home or business is easy when you enlist the help of an agent in the Trusted Choice® network. A local agent will be familiar with the hazards you face in your Maryland neighborhood and can give you advice about your policy options and risks. Every agent in the network has taken a pledge to provide their customers with ethical advice and exceptional service, so you can rest assured that your agent has your best interests at heart.

Contact a Trusted Choice agent near you today to get more information and start comparing earthquake insurance quotes.

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