Statistics by the National Earthquake Information Center show that several million earthquakes occur in the world every year. However, many of these earthquakes go undetected due to their remote location or they are of extremely small magnitudes. In addition, in the United States, there are roughly 50 earthquakes located each day. With this many earthquakes occurring every day and every year, many people choose to purchase earthquake damage insurance.
As most homeowner’s insurance policies do not cover damages or losses of earthquakes, many choose to add hurricane damage insurance to their policies. However, these forms of insurance often are accompanied by a high deductible, which makes this insurance very useful if your entire home is destroyed and not very useful if your home is simply damaged.
If your home has been damaged as a result of a fire and your insurance company is not holding up to their end of the contract, you may be eligible to receive compensation for damages to your home.
To learn more, complete the “Free Case Evaluation” on this pate –It’s 100% FREE.
Earthquake Insurance in Texas
Many people may wonder why they would need to purchase hurricane insurance in the Texas area, however research shows rather high percentages that a hurricane of a magnitude of 6.0 percent or higher is likely to occur within the next 15-30 years. There have actually been studies in the East, West, and Midwest demonstrating the likelihood of an earthquake occurring in each.
- East – Studies performed by the Earthquake Education Center at Charleston Southern University demonstrate that within the next 20 years the eastern United States has a 40 to 60 percent chance of an earthquake occurring.
- West – The U.S. Geological Survey shows that the San Francisco Bay area is likely to experience one or more earthquakes at a magnitude of 6.7 or higher within the next 30 years.
- Midwest – Studies by The Insurance Information Institute show that the New Madrid Fault has a 40-60 percent chance of being affected by an earthquake in the next 15 years at a magnitude of 6.0.
Of course, insurance companies are very careful when assigning this type of insurance due to the fact that hurricanes often destroy several homes in the same area, rather than one. This is simply the insurance company’s form of risk management so the insurance companies do not drain all of their resources over one disaster.
Earthquake Damage Insurance Coverage’s
Simply put, earthquake insurance provides coverage’s for your home in the case that it is damaged during an earthquake. Typically this type of insurance is not included in your regular homeowner’s policy, so an individual must purchase this separate or add it to the current policy. These policies often cover different disasters caused by the earthquake.
Some of the coverage’s may include:
- Raising of the ground
- Sinking of the ground
- Contracting of the ground
Unfortunately, much earthquake insurance coverage excludes damages or losses caused by floods or tidal waves, even if they were caused by an earthquake. Earthquake insurance coverage’s may not be offered by some insurance agents in the area, so shopping around to find an insurance agent with the most outstanding coverage’s could be beneficial.
For more information, simply fill out the “Free Case Evaluation” form on this page – It’s FREE and Easy.
Earthquake Damage Insurance Bad Faith
In Texas we have several laws that protect our citizens against illegal insurance conduct. Dozens of insurance agencies may attempt to bypass these laws to protect their company from paying the full compensation for damages caused by an earthquake. It is also common for insurance companies to review a policyholder’s previous claims history as reason to deny a current claim; this is also an act of bad faith.
Some more examples of bad faith acts include:
- Denying a claim where a liability is rationally certain
- Failing to complete the claims process in a reasonable time limit
- Failing to defend the policyholders against third party claims
- Failing to investigate claims for benefits included in an insurance policy
- Offering or paying less than what is actually stated in the terms and conditions
- Putting the insurance company’s financial interests before the policy holders
- Delaying payments without any reason
If you believe your insurance agency is acting in bad faith, our insurance claim attorneys will provide you with legal options and help you get the compensation you deserve. Our attorneys are dedicated to getting things done for you efficiently and, occasionally, in non-traditional ways. We live by the philosophy that anything worth doing is worth doing right, with what really matters being the results we achieve for our clients.
Contact An Experienced Insurance Claim Attorney
After experiencing an earthquake that destroys your home or business, the next step may be dealing with an insurance agency or adjuster. Our plan is to hold your insurance company fully responsible to their obligations and help you receive the MAXIMUM compensation that you deserve.
Our insurance claim attorneys will help you with the following:
- Cases using thorough involvement of contractors, adjusters, engineers, and property evaluation experts to counter biased and provide invalid estimates by the insurance agency.
- Disputing an insurance agency failing to investigate losses thoroughly and promptly
- Legal representation for personal injury or fatalities resulting from an earthquake
- Total loss claims resulting from damages from the earthquake
If you are a victim of earthquake damages, our experienced insurance claim attorneys at Arguello, Hope & Associates are here to help. We are dedicated to getting things done for our clients in the most efficient and sometimes non-traditional ways. We live by the philosophy that anything worth doing is doing right.
For a free, no-obligation, and confidential consultation, contact us at 1-800-25-STORM – our staff is standing by to take your information and connect you with one of our experienced insurance claim attorneys.
Begin today by filling out the “Free Case Evaluation” on this page – It’s 100% FREE.