Earthquake Insurance :
Need & Tips To Stay Safe
Canada has seen a notable increase in natural disasters over the last few years, including floods, wildfires, hail storms, hurricanes, tornadoes, and earthquakes. In fact, the Insurance Bureau of Canada says increasing natural disasters caused over $3.1Billion in insured damages annually over the last two consecutive years. Of all these perils, experts agree that earthquake preparedness requires a lot more attention since many Canadian home and business owners falsely believe theyโre not at risk.
According to Natural Resources Canada, approximately 4,000 earthquakes are recorded in the country each year. While many are minor, the potential for a significant quake exists particularly along the west coast in British Columbia. But quakes can and do happen in other regions, including Quebec and even Ontario. Whatโs more, the impact of an earthquake is not limited to ground shaking. System failures, such as power outages, gas leaks, and water supply disruptions, are common after a quake and can lead to significant damage and safety concerns. Whether you live on a known fault line or not, understanding the risks and preparing adequately is essential.
What does earthquake insurance cover?
Earthquake insurance is a crucial safeguard for homeowners and commercial property owners in Canada, particularly those in high-risk areas, and covers losses and damages caused by earthquakes. Your standard homeowner’s or business insurance coverage does not typically cover earthquake damage, making this specialized coverage a vital addition to your policy. It generally covers:
1. Dwelling Protection:This covers the cost of repairing or rebuilding your home if it is damaged by an earthquake.
2. Personal Property: This includes coverage for your belongings, such as furniture, electronics, and clothing, that may be damaged during an earthquake.. 3. Additional Living Expenses: : If your home is uninhabitable due to earthquake damage, this coverage helps pay for temporary housing and other related expenses
What is not covered?
1. . Flood Damage: If an earthquake causes a flood, the resulting water damage is typically not covered under earthquake insurance. Separate flood insurance is required.
2. Land Damage: Damage to land, such as sinkholes or erosion caused by an earthquake, is generally not covered.
3. Land Damage:Damage to land, such as sinkholes or erosion caused by an earthquake, is generally not covered 4. Pre-Existing Damage:Any damage that existed before the earthquake occurred is not covered
Top Earthquake Risk Management Tips
1. . Prevention:
1.Seismic Retrofitting: If you live in an earthquake-prone area, consider reinforcing your home with seismic retrofitting. This can include securing your home's foundation, adding bracing to walls, and anchoring heavy furniture and appliances.
2.Emergency Kit: Prepare an easily accessible emergency kit with essentials such as water, nonperishable food, medications, flashlight, batteries, and a first-aid kit.
3.Secure Heavy Objects: Secure heavy objects like bookshelves, mirrors, and appliances to walls to prevent them from falling and causing injury during an earthquake.
4.Know Utility Shut-Offs: Learn how to shut off gas, water, and electricity in your home. This can help prevent fires and flooding after an earthquake.
5.If an earthquake causes a flood, the resulting water damage is typically not covered under earthquake insurance. Separate flood insurance is required.
2. Recovery:
1.Safety First: After an earthquake, check yourself and your family for injuries. Use caution when moving around your home, as there may be structural damage and debris.
2.Inspect Your Home: Carefully inspect your home for damage, including cracks in walls, ceilings, and the foundation. Take photos and document all damage for insurance purposes.
3.Contact Your Broker: Notify your broker/insurance provider as soon as possible to start the claims process. Provide them with all necessary documentation and details about the damage.
4.Temporary Housing: If your home is uninhabitable, youโll need to find temporary housing. Your earthquake insurance policy may cover additional living expenses during this time.
5.Repairs: Work with licensed professionals to assess and repair the damage to your home. Ensure that all repairs meet local building codes and standards.
Be prepared with Akan Insurance. Get a free quote today and experience the peace of mind that comes with comprehensive coverage.
