New Jersey Earthquake Insurance Availability Notice
Homeowners insurance policies do not provide coverage for damage from an earthquake.
An Earthquake is defined as :
a shaking or trembling of the earth that is geologic or tectonic in nature;
includes shock waves or tremors before, during or after a volcanic eruption; and
can also include after-shocks that occur within a seventy-two hour period following an earthquake.
A typical homeowners insurance policy:
does not cover the cost to replace or repair your damaged dwelling, premises or structures, such as garages, resulting from an earthquake;
does not cover the cost to replace or repair the contents of your home if the damages result from an earthquake; and
does not pay for any additional living expenses if your property is badly damaged or destroyed by an earthquake.
Earthquake insurance is available through an endorsement to your policy for an additional premium. The decision to purchase earthquake insurance is one that should be carefully considered based on individual circumstances.
Historically, an earthquake in New Jersey is a rare event, although the possibility exists that it could happen. Over the five-year period from 2010 to 2015, for every $1 of earthquake insurance premium, 1/10 of one cent has been paid out for losses.
Please contact your agent at the number on your policy if you have any questions or want additional information on how you can obtain earthquake insurance. This notice is a general description of coverage and does not change, modify or invalidate any of the provisions, terms or conditions of your policy or endorsements.
*The content contained in this blog is for informational purposes only. It should not be considered insurance advice since every client's needs and circumstances are different. Bergen Insurance Group, LLC makes no representation as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All statements represent the sole opinion of the author and is provided on an as-is basis. For an actual description of all coverages, terms and conditions, refer to your insurance policy.