Over the holiday weekend the chatter on the beach was about the Southern California earthquake activity and Tsunami escape routes. Since we were sitting looking out at the Atlantic Ocean I really did not pay much attention to the proposed escape routes.
Once I returned to my office I did start to think about all of our clients that own property and have not elected to include coverage for damage caused by an earthquake.
One hundred percent of our client property owners insure their properties for fire, vandalism and smoke damage. I would estimate that less than 15% of our property owners have insured their properties for earthquake.
Earthquake coverage is not automatically included in your property insurance policy. Earthquake insurance is available in Massachusetts for most types of property. The good news is that this additional coverage is that it is much less expensive here than in California.
On average for a frame building, the rates for this coverage are about $30-$45 per thousand of insurance. SO if you have a $750,000 frame building the cost would be about $225- $337 for the year. Brick and other cement type structures are more expensive to insure for earthquake damage.
Most people around here don’t think an earthquake will ever happen so they do not elect to add this coverage. No one knows for sure if and when an earthquake may hit.
At Herlihy Insurance we just like you to know that we offer this coverage and it is relatively inexpensive
Thinking about adding earthquake insurance to your insurance program? Just let us know we would be happy to get you a premium cost estimate for your property.
Herlihy Group – Here to Help!