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Does Homeowners Insurance Cover Earthquakes?October 16th, 2012 vontadmin2011
Maine felt a 4.0 magnitude earthquake on October 16, 2012. That’s certainly big enough to feel, but not likely to cause much damage to a solid structure.
As people checked their homes, more than a few Maine residents wondered if their renters, homeowners or condo insurance policy covers earthquake. The short answer: not unless you chose to. The chances are very slim: very few Maine residents buy earthquake coverage.
Maine earthquake insurance costs vary by company, from about $75 to $150 a year for a $400,000 home (much more for a brick home). You can add it on to your homeowners policy. Earthquake coverage carries a high deductible – usually 5% of the insurance amount. In other words, on that same $400,000 home, only damage above $20,000 would be covered. It would probably take much more than a 4.0 quake to cause that much damage.
If you would like a quote for Maine earthquake insurance, call Noyes Hall & Allen at 207-799-5541.