Should You Buy Flood or Earthquake Insurance?

The chances are slim, right? Most homeowners never experience the kind of destruction that goes with a major flood or earthquake.

But if a disaster does strike, the last thing you want to find out is that your Homeowners Insurance doesn't cover the damage.

Your Homeowners Policy Has You Covered… Right?

Actually, your homeowners policy probably doesn't protect you from a flood or earthquake.

Thankfully, disasters like floods and earthquakes are rare. But when they do strike, they can do a lot of damage — and they do it fast. As everyone's seen on the nightly news, entire communities can be devastated by a sudden disaster. Paying out all those claims would mean one of two things:

• Insurers would go bankrupt, and no one would ever see a penny on any claim.
• Everyone would pay more for their homeowners coverage… a lot more.

The end result for you and me is that if we live in a high-risk area, it's a good idea to get extra coverage to protect our homes from these kinds of disasters. How much extra depends on the kind of homeowners policy you have.

But Do You Really Need It?

Many people go without extra insurance for disasters. They figure the odds are in their favor. Or they assume their current policy will cover their homes.

The sad thing is, too many people find out the hard way that their policy doesn't cover the damage from a major disaster. And even though the chances of a flood or earthquake are slim, they do happen.

For many types of extra coverage, all it takes is getting a simple rider on your current policy. But for major disaster coverage, you typically need an additional policy — one written specifically for a flood or an earthquake.

You worked hard to own your home. You shouldn't risk losing it.

Whether or not you need this kind of policy depends on how much risk the area you live in has. To decide if you should get a special disaster policy, it's a good idea to talk to an insurance agent.

To get matched with agents near you, fill out this short form. We'll connect you with up to 5 agents, ready to help you decide what's best to protect your home.