October 8, 2006 1:12 AM
Should You Buy Earthquake Insurance?
I have asked myself the same question before. Although I lived in the state of Washington, I chose to try my luck couple of years ago. However, if I get a chance to choose again, I will opt for earthquake insurance coverage. After all, if you live in one of the high-risk states, you don't want to save a few hundred dollars while risking your long-term financial plan.
From Bankrate:
• Far West -- California, Nevada, Washington, Oregon and Alaska
• New Madrid Fault line -- Arkansas, Missouri, Tennessee, KentuckyEarthquakes are generally not covered by standard homeowner's insurance policies, and coverage must be purchased separately. Earthquake insurance is one of the few types of insurance to have gone down in price -- the California Earthquake Authority recently approved a 22-percent rate cut in order to encourage more people to buy earthquake insurance.
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