As we celebrated Earth Day yesterday the earth in Massachusetts did its own celebration.
At about 6pm April 22 the Massachusetts Emergency Management Agency reported that a small earthquake registered a 1.7 magnitude. This occurred in the Gloucester and Marblehead area of the state and no damage was reported.
I did hear the weather reporter commenting that it was raining and thundering very loudly so most people in the area did not notice the earth shaking.
The 6.5 magnitude earthquake that struck the Philippines this week did cause significant damage and at this post the death toll stands at 20 with search and rescue operations still ongoing. The property damage caused by this earthquake is also significant.
With all these events in the news it is a great time for us to remind all of our clients that coverage for an earthquake is NOT automatically included on your home or business policy. This is a coverage that you select to add.
In our office we seem to have two groups of clients. One group selects to add the coverage when we review this and the other group says, “We are never going to have an earthquake around here.”
At Herlihy Insurance we have no idea when or if there will be an earthquake in our area. If you ask our employees about this coverage and their homes, some have chosen to add this coverage and some have not.
The cost of adding earthquake coverage does depend on the value of your home or building. For most homes the cost ranges from $85 – $250 depending on your home limit of insurance. For commercial properties the pricing is more dependent on the additional construction variables for each business.
We do recommend that all property owners review the option of adding earthquake coverage to their policy. You can then review the price of this and decide for yourself if you would like earthquake insurance on your home or other building.
Herlihy Group – Here to Help!