Many business owners do not realize that their commercial insurance policy will not help them rebuild in the event of earthquake damage. The Pacific Northwest is a seismically active area and comprehensive earthquake insurance offers protection from earthquake damage that can help with recovery and rebuilding. But how do you know if earthquake insurance is the right choice for your business? Earthquake insurance pros and cons

Earthquake Insurance Types

Earthquake insurance is available in two types: 1. A basic earthquake insurance policy is competitively priced for those interested primarily in protecting dwellings only. These policies usually offer limited coverage for additional living expenses and personal property. 2. Comprehensive earthquake policies have greater limits of coverage for personal property and loss of use. Typical deductibles for earthquake insurance range from 5%-25% of the building limit.

Earthquake Insurance Premiums

Pricing is based on type of building, the year it was built and whether the building has been retrofitted for earthquakes.

Loss of Use Coverage

When making your earthquake insurance purchase, one thing to consider is your “loss of use” coverage. Remember that you will still be required to make your mortgage payments even if the property has been destroyed by an earthquake.

Need More Information?

We can help. Call Madison Avenue Insurance for current rates and more information Toll Free: (866) 700-7510 Direct: (425) 481-1430 Image source: Microsoft Office