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The Earthquake Insurance Conundrum in New York and New Jersey




I've witnessed my fair share of unexpected events and their aftermaths (i.e., Super Storm Sandy, a house fire that destroyed my home), but the recent 4.8 earthquake that rattled New York and New Jersey? That was a curve ball even I wasn't fully prepared for.


While earthquakes aren't unheard of in these areas, they're certainly not common enough for most residents to consider earthquake insurance a necessity. And therein lies the problem.


The fact is that many insurance carriers don't include earthquake coverage in their standard policies. Sure, some offer it as an optional endorsement, but how many of us have actually taken the time to read through the fine print and consider adding it to our policies?


After all, living in the Northeast, earthquakes aren't exactly top of mind when it comes to potential disasters. We're more concerned about blizzards, hurricanes, or even the occasional nor'easter.


But here's the thing: just because earthquakes aren't as frequent in New York and New Jersey as they are in, say, California, doesn't mean they can't happen. And when they do, they can cause significant damage to homes and property.


So why don't more people have earthquake insurance in these areas?


Well, it often comes down to a lack of awareness and understanding of insurance policies. Most homeowners assume that their standard policy covers all possible scenarios, only to realize too late that they're not protected against earthquakes. And even if they are aware of the option for earthquake coverage, they may question whether it's worth the additional cost.


It's my job, and the job of my team, to educate our clients about their coverage options and help them make informed decisions. That means discussing potential risks, like earthquakes, even if they seem unlikely. It means explaining the importance of reading through policy documents carefully and asking questions about what's covered and what's not. And it means being there to provide guidance and support when disaster strikes.


That's why I encourage everyone – whether you live in earthquake-prone California or seemingly safe New York – to take a closer look at your insurance coverage. Don't assume you're protected against every possible threat. Take the time to understand your policy, including what's covered and what's not. And if you have questions or concerns, don't hesitate to reach out to your trusted insurance agent for guidance.


In the end, it's better to be safe than sorry. And when it comes to protecting your home and your family, having the right insurance coverage can make all the difference, even in the face of the unexpected.


Please reach out if I can be of assistance.

 

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