The horse has left the barn, but….

Since our recent spate of storms, we’ve been getting a lot of calls from people on flood and earthquake insurance.  While the horse may have left the barn, there are still horses in the stable, and looking into these two options is still a good idea.  Here’s a little information for you.

Both earthquake and flood insurance are excluded under Homeowners policies.  Earthquake coverage can be added to most homeowners policies, but flood cannot.  Flood insurance is an additional policy.

Earthquake insurance isn’t that expensive.  It can be as little as $50 to $60 per year to add earthquake coverage.  Two notes:  earthquake has a separate, and larger deductible than your other coverages; usually a percentage of the building amount.  Also, brick homes cost more to cover because they’re more susceptible to damage.  Most companies have a moratorium on new coverage for a few days after an earthquake, but that time has passed for us on the Virginia tremblor.

Flood insurance is underwritten by the federal government, regardless of the insurance company name on the policy.  The rates are all the same, so you don’t have to ‘shop’ your flood coverage.  The policy covers a tightly defined version of ‘flood’, and does not cover contents in your basement other than a few necessities like a heating unit.   If your home is located  in a low hazard zone coverage can be as little as $200 per year.  If you want more information on flood, the best idea is to give us a call.  We can do a rate for you and give you more information.

Hopefully, we’ll be on dry, solid land for a long time to come.  But with the way the weather has been trending, its better to be educated, and prepared.


About wildbill426

Owner of and Horton Insurance Services. Insurance agent and drag racer.
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