Got earthquake insurance?

Got earthquake insurance?

For many homeowners living in the Northeast, earthquake insurance coverage is probably one of the rarer insurance products that customers are seeking. When you think about weather in the Northeast, you typically envision snow, hurricanes, heavy rain and brutal wind—not earthquakes. That is why when a 4.8 magnitude earthquake struck in Tewksbury, N.J., on April 5, 2024, insurance agents may have seen an uptick in their inquiries about earthquake insurance.

While the Northeast is not typically known for seismic activity, this recent episode serves as a stark reminder that earthquakes, though rare, can and do happen. Prior to this recent activity, the last earthquake that happened in the Northeast region was the 1998 Pymatuning earthquake in Pennsylvania. Even further back, New York saw the 1944 Cornwall–Massena earthquake and New Hampshire had two earthquakes in the 1940s that happened back-to-back—and that’s just in the 20th century.

Even though the 2024 New Jersey earthquake wasn’t as devastating as other seismic events, there were still damages and interruptions, including ruptured gas lines, broken water mains and even a sinkhole. The 2024 New Jersey earthquake raises an important question: Are you prepared for the next one?

Standard homeowners insurance and renters insurance policies typically exclude earthquake damage, necessitating an endorsement to the homeowners policy or a separate policy for protection against the financial fallout of an earthquake.

Earthquake insurance is designed to cover the damage that your standard homeowners policy won’t cover. This specialized coverage can help one repair or rebuild their home, replace damaged personal belongings and even cover additional living expenses if your home is uninhabitable after an earthquake.

In New York state, earthquake insurance remains an elective coverage and can be obtained under a separate policy or as an endorsement to an existing policy. Given the state’s diverse geography, including areas close to seismic fault lines in the Adirondacks, around New York City and west of Rochester, New Yorkers are encouraged to consider earthquake coverage as an additional protection.

While earthquakes are not the first natural disaster that comes to mind when you think about the Northeast, recent events have shown us that they are a risk worth considering insuring. Earthquake insurance should provide the coverage you need to protect your home and your finances from unexpected seismic activity. Don’t wait for the next tremor to strike, call our office today. We can offer you advice to help you determine what coverage makes the most sense with your needs and budget.