The Palmetto state may be known for its historic charm, beautiful beaches, and southern hospitality, but it’s not typically known for earthquakes. However, according to South Carolina Emergency Management Division (SCEMD), South Carolina records about 10 to 15 earthquakes each year, though only three to five are usually strong enough to be felt by residents. While most of these events are minor, they can cause damage to homes and property.
Unfortunately, many homeowners and renters don’t realize that standard homeowners or renters insurance policies do not cover earthquake damage. This can result in a gap in coverage if your home or belongings are affected by an earthquake and you need to file an insurance claim.
A standard homeowners insurance policy may cover indirect damage related to an earthquake. For example, if an earthquake causes a gas or water pipe to burst and that leads to fire or water damage, those types of losses are typically covered under your standard homeowners insurance policy.
This is where earthquake insurance can provide important protection. Earthquake insurance generally covers direct damage to your property caused by the shaking of an earthquake. This can include structural damage to your home or certain personal belongings.
The cost of earthquake coverage varies and is influenced by several factors, including:
- The location of your home
- The coverage options you choose
- Your home’s building materials and construction features
- The age and design of your home
Earthquake coverage may be added to your current homeowners policy or it may be purchased as a separate policy. Because every property is unique, our experienced insurance advisors can help you determine the level of protection needed for your specific situation.
If your home experiences damage during an earthquake, it’s important to contact your insurance advisor or company as soon as possible to report a claim and provide as much information as you can.
In most cases, all earthquake activity occurring within a 72-hour period is considered a single event, meaning there will be one claim and one deductible. However, if an aftershock occurs more than 72 hours after the first earthquake, it may be treated as a separate event, potentially resulting in a second claim and deductible.
Even if the damage appears minor or you believe it may fall below your deductible, it’s still wise to notify your insurance provider. A qualified professional inspection can help identify hidden structural or cosmetic damage that may not be immediately visible.
Earthquakes may be unpredictable, but you can be financially prepared with a customized insurance policy designed to fit your needs. To learn more about earthquake coverage and ensure your home is adequately protected, click here to contact a South Carolina Federal Insurance Solutions advisor today.
