APCI - American Property Casualty Insurance Association
10/16/2024 | Press release | Distributed by Public on 10/16/2024 21:53
The Great Shakeout 2024: Are You Ready to Duck, Cover & Hold On
APCIA Asks - Do you know earthquake damage is NOT covered under homeowners insurance?
SACRAMENTO, Calif. - Given that all 50 states and the District of Columbia face some earthquake risk, the Great Shakeout Earthquake Drill on October 17, 2023, is the perfect time to make sure you, your family, or your business is prepared, says the American Property Casualty Insurers Association (APCIA).
"The Great Shakeout Drillprovides an opportunity to test your preparedness for an earthquake, including assessing your overall financial readiness for natural disasters and other emergencies," said Karen Collins, APCIA vice president, property & environmental. "Homeowners, renters, and business owners should assess their risk of earthquakes and consider adding an optional endorsement for earthquake damage to their policy or purchasing a separate earthquake insurance policy. Have a conversation with your insurance agent or company and take steps to reduce the potential that you could face financial ruin if an earthquake rocks your property."
California, Washington, Oregon, Alaska, and Hawaii are the most earthquake-prone states, however, there are active seismic zones across the U.S., such as the New Madrid Fault in the Midwest and several faults along the East Coast. The USGS notes California has more earthquakes that cause damage, however,the USGS notes the New Madrid Earthquakes of 1811-1812 ranged in magnitude of 7.3 to 7.5, almost rivaling the powerful 7.9 magnitude earthquake that struck San Francisco in 1906.
"As earthquakes are a risk from Alaska to Maine, we all need to prepare - both physically and financially," said Collins. "Many do not realize that earthquake damage is not covered in the standard homeowners insurance policy.A standard homeowners insurance policy typically excludes earth movement, such as earthquakes and landslides. Coverage for earthquakes (i.e., earth movement due to seismic activity) can be purchased as an additional endorsement to your homeowners policy, or as a separate policy. However, in the most earthquake-prone state California, only 13 percent of families purchase earthquake insurance, which highlights a glaring insurance coverage gap."
Earthquakes are the least predictable of all natural disasters but that does not mean that you can't prepare. The Earthquake Country Alliance promotes seven steps to living in earthquakecountry.
APCIA Tips: How to Protect Your Family:
- Be Financially Prepared:Talk to your agent or insurance company. Assess your risk and consider purchasing earthquake insurance. Earthquake policies are available to homeowners, businesses, and renters.
- Make a Kit:Make an emergency preparedness kit with food, water, and medications. Remember to consider the needs of seniors, children, and pets.
- Stay Informed:Keep a radio and fresh batteries on hand.
- Make a Plan:Prepare an evacuation plan for your family or employees, know where to go and who to call. Plan what to do if you all get separated.
- Make an Inventory:Take an inventory of your possessions. Make a list or take a video of each room in your home or business.
- Secure Furniture: Avoid hazards, secure large objects that could fall and hurt occupants during an earthquake.
There are three key seismic retrofits that can be done to help strengthen a home and reduce damage in an earthquake.
- Brace cripple walls: bracing these walls, if you have them, will help strengthen them and reduce the likelihood of the house toppling.
- Bolt home to the foundation: securing the home may help prevent the building from sliding off the foundation, which often leads to most earthquake damage.
- Strap the water heater: properly strapping a water heater may help prevent it from detaching from gas and water lines, which can result in a fire or water damage.
Earthquake Infographics: