Should I Renters Get Earthquake Insurance In Georgia?

Last Updated: 30th January, 2022

Should renters get earthquake insurance? Most conventional renter’s insurance policies exclude earthquake coverage. The majority of regular renter’s insurance policies do not cover earthquake damage. Get earthquake insurance coverage to safeguard your belongings and yourself if you need to evacuate. To acquire the best renters insurance estimated costs, use the premium calculator.

You need renters insurance to cover your personal property, whether you’re a renter looking to purchase your first home or a homeowner considering downsizing to an apartment. However, you may not be aware of most aspects that homeowners insurance differs from renter’s insurance. In this article, we’ll look at how homeowners insurance differs from renter’s insurance.  It helps you decide should renters get earthquake insurance or not.

But if there are any unsolved confusions, you can also consult with the renter’s insurance agency in Evansville, GA.

Should Renters Get Earthquake Insurance?: The Exterior of the Building

The most apparent distinction between homeowners and renter’s insurance is that homeowners insurance protects the exterior of your physical residence, while renter’s insurance may not. For example; if a storm damages your home, your homeowner’s insurance from an independent insurance agency can cover damages to the structure, such as ripped siding.

On the other hand, the renter’s insurance will bear the cost of replacing it if the apartment building’s siding comes off due to a storm.

Your policy that the renter’s insurance agency in Evansville provides will not kick in the insurance claim process if there is no harm to your personal property but only the exterior of the building is damaged.

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should renters get earthquake insurance

Should Renters Get Earthquake Insurance?

The Physical Structure of the Building

If an insured peril, such as a fire, destroys a house’s physical foundation, homeowners insurance should cover the harm. If a fire destroys the apartment building, the homeowner’s insurance covers the damage unlike the renter’s insurance.

For the most part, it’s fair and accurate to say that homeowners insurance will cover damage to a home’s physical foundation. In contrast, a renter’s insurance will cover damage to an apartment house rather than a renter. This coverage is known as dwelling coverage, and it is only open to homeowners, not tenants.

As a result, it’s natural to wonder what a renter’s insurance is and what it covers. You can know about coverages in your insurance quotes as well. Renter’s policy protects the owner of a rental property by covering all property and liability risks including earthquakes. It is very important since a landlord would be held liable for property issues that cause problems.

While the renter’s insurance covers most professionally managed rental properties, if you rent from an individual, it’s worth asking if they have the landlord’s insurance. If a fire breaks out in your apartment, and it’s because of a maintenance issue, such as exposed wiring, it’s the landlord who’s at fault.

Personal Property Limits

Personal property coverage is present in all renters and homeowners insurance policies. According to Value Penguin, this coverage ensures that both homeowners and renters’ insurance will protect you if someone stoles or damages property

The only difference between them may be the amount of coverage provided by a standard policy. Some homeowners insurance plans have a default personal property coverage cap of 50% of the dwelling coverage. Another distinction between homeowners’ and renter’s insurance is that renter’s insurance does not require dwelling coverage.

Single-family homes are generally more extensive (and hold more things) than an apartment. There are exceptions, of course; some apartments may have as much square footage as a house.

Similarly, whether you live in a house or rent, it’s essential to perform a home inventory. When applying for insurance, a renter’s insurance agency in Evansville will usually ask how much square footage you have or how much personal property coverage you think you’ll need.
Therefore, the best renters insurance and homeowners insurance can have different liability limits for valuable personal property.

FAQs

Q. Are earthquakes covered by renters insurance?

Most conventional renter’s insurance policies exclude earthquake coverage. Most conventional renter’s insurance policies exclude earthquake coverage. Even if your landlord has earthquake insurance, it won’t protect your belongings. Get a CEA earthquake insurance coverage to safeguard your belongings and yourself if you need to evacuate.

Q. Are renters liable for earthquake damage?

No, in most cases. Unless the renter can show that the landlord’s irresponsible building upkeep caused the damage, the landlord is not accountable for personal property damaged by the earthquake (or other natural disaster).

Q. Is Georgia on a fault line for an earthquake?

Approximately 15% of the world’s earthquakes occur in areas without clearly identifiable active faults, such as Georgia. Although earthquakes are relatively rare in Georgia, scattered earthquakes have caused major damage and should be considered by householders.

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Renter’s Insurance Agency Suwanee

Suwanee, GA 30024 

678-671-0617 

Business Hours: 

Monday: 9am-6pm 

Tuesday: 9am-6pm 

Wednesday: 9am-6pm 

Thursday: 9am-6pm 

Friday: 9am-6pm 

Saturday: Closed 

Sunday: Closed