Northeast Ohio isn’t exactly known for being a hotbed for earthquake activity. However, just five months ago the southeastern town of Woodsfield in Monroe County suffered an earthquake of 2.2 magnitude. Two months later, the same area experienced an earthquake of 3.0 magnitude. The state of Ohio actually has quite a history of earthquakes, with over 200 occurring since the year 1776. And, one of the largest earthquakes our state ever experienced was right here in Northeast Ohio – a 5.0 magnitude earthquake that hit southern Lake County in 1986, and was felt in several nearby states.
5 Reasons to Consider Adding Earthquake Insurance to Your Policy
While earthquakes aren’t extremely common in this region, they can happen. Your homeowner’s insurance policy covers a wide variety of claims, including damage due to fire or lightening, wind, hail, smoke damage and vandalism. But, it doesn’t cover every possible thing that happens. Why? It would make the cost of a standard policy skyrocket and cause it to become unaffordable for most homeowners.
However, adding earthquake insurance to your homeowner’s policy is actually a fairly inexpensive way to protect your home and belongings should another major quake hit the area. It’s a separate endorsement you should consider buying and adding to your homeowner’s or renters policy for a few reasons, including:
- Because risk of a major earthquake in Ohio is low, coverage is relatively cheap. Again, because there historically hasn’t been any significant damage from earthquakes in Ohio in quite some time, that doesn’t mean it couldn’t happen. And, coverage for an earthquake can be added to your current policy usually for less than $200 per year depending on the value of your house.
- Damages to your home from an earthquake will be covered. Damages inside and outside of your home will be covered under an earthquake insurance policy. This includes cracks in the walls or foundation and items that were broken during the earthquake. If you own a brick or masonry home, earthquakes can be particularly damaging to those types of dwellings.
- Loss of use of your home will also be covered. When your home is badly damaged during an earthquake, chances are you’ll have to find another place to reside while repairs are being made. Earthquake insurance will cover those additional living expenses, too, like the cost of moving, storage, furniture rental and even laundry services.
- Research suggests a major earthquake could hit Ohio at any time. Everyone is at risk for an earthquake, at any time, in any region of the country. Of course, some areas are more prone than others, like the state of California, for instance. However, Ohio’s history of minor earthquakes suggests that there could be a higher risk of larger, more damaging quakes in the northeastern, western and southeastern parts of our state.
- Don’t gamble on Mother Nature. At the end of the day, adding earthquake insurance to your homeowner’s policy boils down to how comfortable you feel gambling on Mother Nature. Many homeowners simply have the thought of “it won’t happen to me” and then face the consequences if or when Mother Nature wreaks havoc through an earthquake or flood (also not covered on your homeowner’s policy).