It has been estimated that 75 million Americans are exposed to a significant risk of earthquakes in 39 states, according to the US Geological Survey. And it was before the hydraulic fracturing process.
According to an article from the Insurance Information Institute, a combination of increasing urban development in seismically active areas and many buildings elders do not meet current building codes suggest the potential cost of an earthquake is likely to increase. In many parts of the country today, there is also much discussion about "fracking" and its contribution to the recent seismic activity. Fracking, or hydraulic fracturing, is the process of extracting natural gas from shale rock layers deep within the earth. Hydraulic fracturing can reach natural gas trapped in shale that was once unattainable by conventional drilling techniques. Although fracking has helped untold wealth for many landowners and natural gas companies, some say the technique has also contributed to the increase in seismic activity and earthquakes. The most recent studies have shown that earthquakes induced fracturing-are much less dangerous than natural, but many owners are now reviewing their own policies to determine if they are covered in case of an earthquake .
What the owner will find is that most non endorsed homeowners policies exclude or have very little cover for the movement of the earth. the movement of the Earth to home insurance purposes includes earthquakes, including shock waves from earth tremors or before, during and after a volcanic eruption; landslides, mudslides, or mudflow; subsidence or sinkhole; or other movement of the earth including the sinking, rising, or displacement caused by an act of nature or otherwise.
So what should a landlord? Contact your independent agent and ask for earthquake coverage is trusted on your policy. These endorsements vary from company to company when it comes to price and coverage. Some will have separate deductibles for your franchise policy owners. Most will have other exclusions such as masonry veneer, flood, and filling of land resulting from the earthquake. The cost of this coverage varies depending on many criteria for your home, including the location, cost, construction materials, and age.
In addition to the insurance, you can take other steps to fortify your home. Do some profitable home improvements such as securing cabinets and furniture to the walls, installing safety shutoff valves for gas lines, and water heater bracing are some of these steps. What other measures can you suggest to protect your home against damage from the earthquake?
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