Contact: Yeraldin
Deavila, Public Information Officer
Phone: (775)
687-0772
E-mail: ydeavila@doi.nv.gov
FOR IMMEDIATE RELEASE – July 18, 2019
CONSUMER ALERT:
Are you prepared with adequate insurance
coverage for a major earthquake?
Division of Insurance
offers tips for earthquake insurance
Carson City, NV –
With the amount of seismic activity recently, including two significant
earthquakes in California that were also felt by residents in Las Vegas, the
Division encourages consumers to be proactive and learn more about earthquake
insurance.
“Just as with flood coverage, the time is now to consider
earthquake insurance before disaster occurs,” explained Insurance Commissioner
Barbara Richardson. “To determine if earthquake coverage
is right for them, consumers should determine their risk and balance it against
the cost to purchase an earthquake policy.”
Typical homeowner’s and renter insurance exclude coverages for
flood and earthquake; these protections must be purchased separately. Consumers
who don’t have such coverage may be responsible for any damage to their
property or injuries that may occur after an earthquake.
Some things to consider to help determine if earthquake
coverage is right for you are:
- How much would it cost to
repair or rebuild your home? How much of that cost could you personally
pay?
- How much would it cost to
replace your household items (such as furniture, appliances, electronics,
and clothing)? Could you afford it? Ask what you need to do to be sure the
insurance will cover all of your personal property, especially valuable or
breakable items such as art work or porcelain.
- How much would it cost to
find a temporary place to live because you couldn’t live in your home
after an earthquake? This coverage pays the extra costs you have to pay
because you aren’t able to live in your home. For example, it would pay
rent for temporary housing while you continue to pay your home mortgage.
Premiums for earthquake insurance vary by the home’s
characteristics and the level of deductible selected. To determine the cost and
if earthquake coverage is needed, consumers should contact their broker or
insurance agent. For more detailed
information, the Division also publishes a Consumer’s Guide to Earthquake
Insurance at http://doi.nv.gov/uploadedFiles/doinvgov/_public-documents/News-Notes/EarthquakeInsurance_B.pdf
About the Nevada
Division of Insurance
The State of Nevada Division of Insurance, a Division of the
Nevada Department of Business and Industry, protects the rights of Nevada
consumers and regulates Nevada’s $14 billion insurance industry. The Division
of Insurance has offices in Carson City and Las Vegas. In 2018, the Division investigated
more than 3,100 consumer complaints and recovered over $8.4 million on behalf
of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV.
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