Does Home Insurance Cover Earthquakes in Central New York?

As a Central New York homeowner, you've invested time and money to create a comfortable living space. But have you considered what would happen if an earthquake struck? Many people don't realize they're vulnerable to this risk until it's too late, leaving them scrambling for solutions in an already stressful situation.

At the Horan insurance agency, we understand your concerns. You want to protect your home and finances, but the complexities of insurance policies can be overwhelming. That's why we're here to shed light on a critical yet often overlooked aspect of your policy: earthquake coverage.

As an independent agency working with multiple carriers, we offer a unique, informed perspective that others don't have.

In this article, we'll explore

1. why earthquake coverage is essential,
2. how it safeguards your financial stability, and
3. what you need to know to ensure you're adequately protected.

We'll guide you through the potential pitfalls of insufficient coverage and show you how to stay ahead of unexpected events, giving you the security and composure you deserve.

Understanding Earth Movement Coverage: The Fine Print That Matters

In a homeowners insurance policy, you'll find the term "earth movement" rather than "earthquake." This broader category includes

1. earthquakes,
2. sinkholes, and
3. any underground shifting.

Earth movement is typically excluded from standard policies, meaning you won't be covered without specific endorsements. It's similar to how hurricane coverage is listed as wind damage.

Recent Seismic Activity in Central New York: A Wake-Up Call

Earthquakes in Central New York might seem unlikely, but recent events prove otherwise. Over the past few months, our region has experienced several small quakes. At our Horan insurance agency office, we felt tremors that shook our monitors, with another occurring weeks later.

These events underscore the importance of preparedness, even in areas not traditionally associated with seismic activity. And parts of New York State have experienced their share of earthquakes over the years.

You can also view the latest earthquakes in Central New York using USGS.gov to zero in on a particular site (like in the example image).

The Ripple Effects of Earth Movement: Beyond Shaking Walls

Earth movement can impact your property in unexpected ways. Consider this: You have underground sewer line protection, which typically covers ruptures. However, if the pipe breaks due to subtle earth movement, your claim might be denied due to the earth movement exclusion.

This scenario illustrates how the exclusion can affect various aspects of your property, not just obvious earthquake damage.

Protecting Your Home: Options for Earthquake Coverage

Many insurance carriers offer earthquake coverage as an optional endorsement. Key points:

1. Availability: Not all carriers offer this coverage.
2. Cost: Typically $100 to $200 annually, based on your home's replacement value.
3. Deductibles: Usually 2-5% of the loss amount or a minimum deductible, whichever is higher.

Unlike flood insurance, there's no government-backed earthquake insurance program.

Why Consider Earthquake Coverage in Central New York?

Adding earthquake coverage in our area might seem unnecessary, but consider:

1. Changing Environmental Patterns: Unexpected geological events are becoming more frequent.
2. Financial Protection: Even minor earth movement can cause expensive damage.
3. Composure: Extensive coverage allows you to focus on your daily life.

The Evolving Insurance Landscape: Staying Ahead of New Risks

Just as cyber risks and ransomware coverage have become relevant, earthquake coverage is gaining importance in unexpected areas. Twenty-five years ago, no one anticipated needing protection against cyber attacks.

Our environment is changing rapidly. What once seemed improbable—like beachfront property in upstate New York—might become reality sooner than we think.

Making an Informed Decision: Next Steps

As you evaluate your homeowners insurance policy:

1. Review Your Current Coverage: Check for earth movement exclusions.
2. Assess Your Risk: Consider your home's location, construction, and your risk tolerance.
3. Get a Quote: Contact us at Horan insurance agency to discuss earthquake coverage by getting a quote.
4. Understand the Details: Know what's covered, what's not, and how the deductible works.

This small investment could protect you from significant financial strain in the future.

Secure Your Home Against Unexpected Earth Movement

We've explored the often-overlooked aspect of earthquake coverage in Central New York homeowners insurance. While our region isn't known for major seismic activity, recent events have shown that we're not immune to earth movement risks.

At Horan, we're committed to helping you understand and choose the right coverage for your unique situation. We'll work with you to ensure your policy provides the coverage you need, giving you confidence in your insurance.

Don't leave your home's insurance to chance. Click the Get a Quote button below to start a conversation with our team.