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.

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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.

What is Earthquake 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.

Benefits of Owning Earthquake Insurance?

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:

  • Provides Great Financial Assistance: Earthquake insurance cost is substantially less than the cost of rebuilding a house severely damaged by an earthquake. Hence, the average cost of an earthquake will always be lower than the damage your property would incur in an intense earthquake.
  • Enhanced Coverage with a Home Insurance Policy: The best earthquake insurance policies will provide coverage in case of both partial as well as total loss/damage to your house.
  • Faster Recovery: Helps you recover faster both financially and mentally in case your property is completely demolished in an earthquake.
  • Peaceful Living: With the presence of earthquake insurance coverage, you will be able to live with peace of mind even if you are located in an earthquake-prone area.

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What is Covered under Earthquake Insurance?

Earthquake insurance provides the following coverage:

  • Coverage for the Property: This includes coverage for damage sustained by the structure of the house as well as its contents
  • Coverage for Valuables: The policyholder’s valuables present inside the house at the time of the earthquake will also be covered by the earthquake insurance company.

What is not covered under Earthquake Insurance?

Earthquake insurance companies exclude the following adversities with their insurance policies:

  • Loss of Rent: In case your damaged property was put up on rent, the earthquake insurance company will not provide any compensation for the loss of rent if the tenant moves no more occupies the house.
  • Damage Caused Due to Floods: If the earthquake is followed by a flood that results in water entering your house and causing any structural damage, you will not be provided any compensation unless you also possess valid flood insurance.
  • Additional Expenses Incurred: In case you are living in an insured house that gets damaged during an earthquake and plan to rent an accommodation/hotel till the house is repaired, the insurer will not provide any compensation for such additional expenses incurred.
  • Professional Fees: The fees levied by architects, engineers, or surveyors (in addition to 3% of the claim amount) will not be included in the insurance coverage
  • Debris: Removal of debris from inside and outside the property will not be covered by the earthquake insurance policy

How to Raise a Claim under Earthquake Insurance?

Follow these easy steps to file for an Earthquake Insurance claim in the case of a mishap caused by Earthquakes:

Step 1: Notify your Insurance Company

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.

Step 2: Document the Damage using Photographs

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.

Step 3: Inspection

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.

Step 5: Compensation

Once the inspection is complete and all the documents are verified, your claim will be approved and the insurer will initiate the compensation process.

How to Renew your Earthquake Insurance Policy?

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.

Expert’s Verdict

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.

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