Carson City, NV July 18, 2019
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
“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.