Texas is no stranger to earthquakes these days. The Great State has seen more earthquake activity in the North Texas in the last decade.
Yes, even Grapevine has felt the shakes. It can be unsettling. We receive questions from time to time about earthquake insurance.
We've had a lot of folks move from California to Texas, and we're sure they didn't realize the propensity for their new adopted state to have the same ground shaking possibilities.
Though maybe not as frequent, it still can happen. Many homeowners want to know what coverage they should have in place in case their home collapses because of an earthquake.
The short answer: Your homeowners insurance usually doesn't include earthquake coverage. Earthquakes are usually excluded as a peril on your policy. Not ideal, is it?
It's a good thing you have options.
1. Endorsement - this is an add-on to your policy that gives you proper coverage in the event of an earthquake. There are sub-limits that apply and deductibles that go along with having this protection. Understand the amount you claim will most likely have limits on personal property, or you may be required to pay a separate deductible. But, many homeowners find this adding this coverage to be worth the investment and not much of a drain on their wallet.
2. Earthquake policy - yes, there is a separate insurance product for just this type of event. It operates similar to that of a flood insurance policy. Multiple carriers offer this with many options to choose from. Whether you want to include personal property on the coverage, it is your choice. Deductibles can be all over the map for this type of coverage. That's why it is good to have options.
Your preference will determine how you will cover your property in the event of earthquake. Fatalities due to earthquakes in Texas? It hasn't happened. However, buildings have suffered damage and there hasn't been a lot of activity in recent years with most activity out in the western reaches of Texas.
It's your choice of what cost-effective means to you and if it helps you to sleep better at night with this coverage in place, by all means, that's not a bad thing.
We aren't geologists here at Insurance For Texans, so we can't really weigh in on whether or not fracking lends to the increase in seismic activity, but we can say with certainty that a standalone earthquake policy will cover you well in the case the big one (at least for Texas) hits you unaware.
If you find talking about earthquakes fun in general or as a part of finding a solution to protect you, we're here to help.
Give us a shout or a shake!