Earthquake coverage is a specific form of insurance that can be purchased as part of your property insurance policy. This policy will cover costs of damage caused to the property in the event of an earthquake. The majority of homeowner’s insurance policies within Arizona do not cover loss in the event of an earthquake. Earthquake coverage is a specific form of insurance that can be purchased as part of your property insurance policy with most companies. However you need to check with your broker to see if it is offered by your company.
Most homeowners falsely believe that the Federal Emergency Management Agency (FEMA) will cover any damage and loss caused by an earthquake. FEMA allows homeowners to attempt to obtain a low-interest loan through the Small Business Administration to cover loss and damages caused by earthquakes. These loans must be paid back. The loans are considered a liability that is added to your net worth documentation and will offset a comparable amount of your assets.
If you need to ensure that your Arizona home is properly covered in the event of an earthquake, contact San Tan Insurance for a free quote.