Earthquake insurance
Till now, the earth is the only residential planet. It is because, it has been gifted exactly the same climate, geographical and environmental condition that is needed for lives such as animals, plants and human beings. Undoubtedly it is the most charming place of the universe, but along with a happy life, it also introduces us with a number of natural disasters.
The most horrible among all is of course what we know as the earthquake, a devil come without a prior notice. Up to a great extent, we people are helpless to anticipate an earthquake. But it does not mean at all that we should remain passive; at least we can make our self mentally as well as financially prepare to fight against the losses that occur as the result of earthquake. The earthquake insurance deserves to be the first step in this regard.
Actually, the earthquake insurance is specially meant to cover financial losses that take place only because of devastating earthquake. It is must to know that the earthquake insurance does not cover the losses which incurred because of any other natural disasters such as flood or tidal wave. We must remember also one of the important aspects of the earthquake insurance that it does not come within the tenant insurance or homeowner policy. Despite of all, it stands independently same like the auto insurance and the life insurance.
Let us have a glance how the earthquake insurance functions. Unlike most of the homeowner insurance policies, the earthquake insurance covers chiefly substantial losses. The insurance company pays the claim only after accounting the deductibles which can vary up to 10-25 %.
There are few insurance providers who take contents and the structure of the house as some of separate entities in its account. Within such analysis, the estimated value of loss is based on each contents lost by the customer and constructional damages he experienced.
Few insurance providers look forward for strict requirements to issue the earthquake insurance to the customer. They have certain criteria to be followed by the customer in order to get the insurance policy. Before moving ahead to issue the policy, they inspect the property of the client. During the inspection, they specially check the basement as they expect the house must be strongly bolted with the basement. Along with the basement, they inspect also other aspects such as; for supporting the fixtures, strapping guards have been used or not. Once they find all the aspects meeting their requirement, finally they issue the earthquake insurance policy.
Once the earthquake occurs, you must claim promptly within the same period of time that is specified in policy's rules & regulations. Be sure, the claim must be supported by all the valid documents as well as damage proof.
So, if you live in a place comes in territory that is strongly affected with earthquake, it is an absolutely right decision to have an earthquake insurance policy.
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