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1/25/2012 - Insurance Information Institute urges homeowners to obtain earthquake coverage

Some groups say earthquake protection is vital.

December 16 marked the 200th anniversary of the New Madrid earthquake, one of the strongest tremblors ever to affect the state of Missouri and the surrounding areas. In recognition of the event, the Insurance Information Institute issued a reminder to homeowners that earthquakes can occur at any time.

"Everyone, no matter where they live, should contact their insurance agent or company representative to make sure that they have the right type and amount of insurance for their specific situation," said Jeanne Salvatore, senior vice president of public affairs and consumer spokesperson for III. "All Americans also need to have an up-to-date home inventory of their personal possessions and an evacuation plan, as well as taking reasonable steps to protect their homes and businesses from any disasters that pose a risk to their personal safety and property."

According to a report from Risk Management Solutions, there is a 28 to 46% likelihood a 6.0 magnitude earthquake will strike the New Madrid area again within the next 50 years, III indicates. This could lead to insured losses of between $5 billion and $50 billion.

In order to obtain earthquake coverage, homeowners need to specifically request it as an accompaniment to their standard homeowners insurance policy. Talk to your Selective agent to learn more about earthquake coverage from Selective.

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