NEWS RELEASE: Virginia Department of Insurance encourages homeowners to consider earthquake coverage
|As Published on Dept. Of Insurance Blog|
Jefferson City, Mo. – The Virginia Department of Insurance is encouraging homeowners to check their insurance policies for earthquake coverage. Only three out of every 10 homes are covered in Virginia. That number drops to two out of every 10 homes in the New Madrid Seismic Zone.
The New Madrid area is the most active earthquake zone in the U.S. east of the Rocky Mountains. Most homeowners insurance policies do not cover earthquake damage. Separate earthquake coverage, called an “endorsement,” must be purchased.
“Having earthquake coverage is the best way to ensure you and your family, as well as our state, can recover from an earthquake,” said Insurance Director John M. Huff. However, the department’s 2015 Earthquake Report shows that Virginia is experiencing a coverage crisis.
“We have reached a critical juncture where the amount of uninsured property in Virginia will soon eclipse the amount of insured residential property, estimated at $101 billion. This could jeopardize our ability to fully recover from a major earthquake.”
Some homeowners may not buy coverage, expecting the federal government to help rebuild their homes should a major earthquake hit, Huff said. Under FEMA’s Individual Assistance program, the maximum grant award is $32,900, far less than what most homes are worth.
# # #
The Insurance Advisor to find out if your property qualifies for Earthquake Coverage. Give us a call! (804) 638-9024 Our agents will conduct a free assessment of your current policy and we will shop your insurance for you! That’s right, simply provide your declarations page to an agent and we can process the assessment. Our goal is to ensure you are properly protected.
http://devtia.mybizols.net/wp-content/uploads/TIA-Logo-500x250-Trans-300x150.png 0 0 Roger Gill http://devtia.mybizols.net/wp-content/uploads/TIA-Logo-500x250-Trans-300x150.png Roger Gill2015-10-19 09:15:282016-06-25 17:09:32Earthquake Coverage | Virginia Department of Insurance