Do You Need Earthquake Insurance?

The Great ShakeOut took place October 17th, which encouraged everyone to prepare in the event of a major earthquake.  But, does that mean you should consider getting earthquake insurance?  If a quake damages your home, and you don't have earthquake insurance, you'll be on the hook for repairs.

"The first, and most important thing to know about earthquake insurance, is that it is not included in your homeowners, renters, or business insurance policy. You have to add it as an endorsement or separate policy."

Kenton Brine, with the Northwest Insurance Council, said it can be expensive, and you want to ask about deductibles.

"Those can be between 10% and 25% of the structure's policy limit, which means that upfront you're going to have some significant financial costs to rebuild your home after an earthquake."

You might be able to lower the cost of the premiums if you've taken steps to protect your house, like bolting it to the foundation or strapping the water heater to the wall.

Brine added if you live in a tsunami zone, you also should consider flood insurance.

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