- Earthquake Insurance
- What is Earthquake Insurance?
- Benefits of Owning Earthquake Insurance?
- What is Covered under Earthquake Insurance?
- What is not covered under Earthquake Insurance?
More than 60% of India's landmass is vulnerable to Earthquakes of varying intensities. In the period between March 2020 and February 2021, India was struck by as much as 1,013 earthquakes with an average magnitude of 3 and above. Such statistics are provided to not scare away anyone but set up precedence for being prepared for the worst.Read more
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Table of Content
While earthquakes can’t be predicted, the best thing all of us can do is to keep ourselves financially protected and prepared in case there is a sudden unforeseen mishap. One easy method for such a harsh natural calamity is to buy earthquake insurance.
This article highlights all the information you would need before buying earthquake home insurance.
An earthquake insurance policy will provide you with the financial protection you would need in case an unforeseen earthquake causes severe damage to your house which is beyond repair. This not only helps individuals live with a sense of peace but also keeps them financially covered in case of an unplanned financial burden.
While some natural disasters can be predicted by the Indian Meteorological Department, there are some which arrive unannounced. An Earthquake is one such natural disaster that brings about diabolical havoc making sure it spreads its wreckage by adversely impacting any physical structures that come in its way.
In such situations, households become the most vulnerable subjects and if there is the intensity is strong, the cost of rebuilding the house comes out as a big unplanned financial burden for the owner. That’s where earthquake insurance companies come to the rescue providing coverage for such unforeseen situations.
Earthquake house insurance is a part of a home insurance policy but specifically compensates the policyholder in case their house is damaged by earthquake. Following are the benefits that you can avail with an Earthquake Insurance policy:
Earthquake insurance provides the following coverage:
Earthquake insurance companies exclude the following adversities with their insurance policies:
Follow these easy steps to file for an Earthquake Insurance claim in the case of a mishap caused by Earthquakes:
Make sure that you notify the insurance company immediately after the damage and raise a claim. Also, keep a copy of your policy document handy. The claim can be raised by either calling the insurance company on the provided emergency number or sending a mail with the registered email ID.
In case your property has suffered partial loss/damage, start documenting all such places using your camera. This is critical as the insurance company might not approve your claim if clear evidence of the damage is not provided.
After you have shared the documents with the insurance company, the insurance company will send an inspection agent to verify the actual damage with the provided evidence.
An earthquake insurance policy is not a one-time investment. You will be liable for compensation during an earthquake only if you have a valid earthquake insurance policy that has not yet lapsed.
Hence, it is important to renew your earthquake insurance policy periodically. You can do so by visiting the insurance company’s website and log in to your existing account with the provided credentials and your policy number.
Once that is done, you will be redirected to the payment page and your policy will be renewed after you have paid for the earthquake insurance premium.
A few seconds and an Earthquake can easily dissolve a lifetime’s hard work and earning. A house is built with a lot of effort and money. While you can't predict if your haven will be safe from nature's actions in the future, you can keep it financially secured from any unforeseen mishaps.
You can easily purchase an affordable earthquake insurance policy online on Policybazaar Insurance Brokers Private Limited and buy the most appropriate earthquake insurance that suits all your requirements.
Yes, insurance companies also provide coverage for commercial properties in an earthquake. However, you will have to purchase additional commercial earthquake insurance for your property.
No, earthquake insurance does not provide coverage for vehicles as it is a part of home insurance and only covers residential properties. However, you can buy comprehensive car insurance to protect your car from natural disasters such as earthquakes, floods, and cyclones.
No, the earthquake insurance cost depends on a lot of factors such as the structure and size of the house. A house located in an earthquake-prone location will always bear a higher premium amount.
No, earthquake insurance for renters will have to be separately bought by your tenants as your existing earthquake policy will only cover the house and your belongings.