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Homeowners may want to consider earthquake insurance

January 19, 2010 - In response to the devastating events that took place in Haiti last week, many companies and organizations are urging real estate owners to reexamine their insurance policies.

Homeowners insurance providers in Missouri do not include earthquake protection in their basic policies, but do allow customers to purchase this coverage for an additional fee, KTVO reports.

These supplemental policies have different deductibles than standard plans and could cost as much as 10 to 15 percent of a home's value, according to the news source.

Although interest in this coverage has tapered off in the past 20 years, residents were once worried that the New Madrid Fault - which runs through the state - was susceptible to movement.

The tragedy in Haiti has caused raised concerns among insurance experts in South Carolina, which has a moderate to high risk of earthquakes, WMBF News reports.

A recent study from Applied Insurance Research estimates that an earthquake in Charleston of the same magnitude as the one that occurred there in 1886 could cause as much as $40 billion in damage.

Individuals who are planning to relocate may want to check their new region's risk of natural disasters and ensure they will be properly covered by insurance if one occurs.

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