McDonough GA Earthquake Insurance

To buy, or not to buy earthquake insurance? Two weeks after Haiti's devastating earthquake, that question is on the front burner again. Whether you live in St. Louis or San Francisco, it's hard to ignore that gnawing feeling in your gut that not having the insurance could mean big problems in the event of a Big One.

Many homeowners, however, still hold off on purchasing insurance; in California, only 12% of owners with homeowners' policies also have earthquake coverage. Why? Denial, for one. And cost, for another. Depending on the coverage options you choose, earthquake insurance will cover the cost of your damaged home and any assets that are damaged on your property.

When you decide to purchase earthquake insurance, remember you should buy enough to cover the costs of rebuilding your house and replacing broken possessions. The amount of insurance you buy should be based on replacement and reconstruction costs, not the market value of your property and possessions. A generally accepted rule of thumb is that you should not risk more than 10 percent of your liquid assets. A large earthquake could mean :

• 10 to 100 percent of your home’s structure could be damaged or destroyed


• Up to 20 percent of your belongings could be damaged


• $700-$3000 a month for temporary rent and relocation costs

Do not make the mistake of thinking earthquakes are regional or too far in-between - every area of the country is at risk for earthquake damage. Although some areas are much more of a risk than others, no area is immune.

Contact Lincoln Insurance Group to receive a free quote and information on securing an earthquake policy to protect your home and assets.