Should You Have Earthquake Insurance in South Carolina?

It’s important that South Carolina homeowners don’t sleep on earthquake insurance. The state has experienced significant earthquakes over the years. That includes a 5.1 magnitude earthquake in August 2016 felt throughout the area.

In the United States, South Carolina is one of the areas most prone to seismic activity. The first recorded earthquake in South Carolina occurred in 1663. In 1886, a magnitude 5.5 earthquake struck Charleston, causing buildings to collapse and streets to crack open. This event is remembered as one of the most destructive earthquakes in state history.

What the State is Doing to Help Residents

Thankfully, South Carolina has taken steps to help prepare residents prepare for future earthquakes. The state’s Earthquake Preparedness Program provides guidelines on how to respond in the event of an earthquake.

South Carolina scientists continue to study why this region is a popular spot for earthquakes. The goal is to reduce the risks associated with them. The South Carolina Geological Survey works to identify areas most likely to be affected by earthquakes.

In 1994, the South Carolina Earthquake Insurance Program was established to provide coverage for earthquake damage. The program pools funds from participating insurance companies to spread out the risk of future claims due to an earthquake. Homeowners can join this program to purchase affordable earthquake insurance policies that will cover damages such as broken windows, cracked walls, and other structural damage.

What Does Earthquake Insurance Actually Cover?

Earthquake insurance can be a valuable resource for homeowners in the event of an unexpected seismic event. It can help to protect their home, possessions, and finances from costly repairs or replacements caused by ground shaking events. In addition, it provides peace of mind knowing that they are covered in the event of an earthquake.

Earthquake insurance can be purchased as a standalone policy or bundled with existing property and casualty coverage. The cost of this type of coverage varies depending on factors such as location, proximity to fault lines, and deductible amount chosen. However, even if your home is not located in a high-risk area for earthquakes, it is important to consider the potential benefits of buying earthquake insurance. This can give you financial protection against major disasters that could otherwise leave you with significant out-of-pocket costs for repairs or replacements.

In order to qualify for earthquake insurance in South Carolina, homeowners must meet certain criteria including age and occupancy requirements. Additionally, all properties must be inspected for seismic risks prior to coverage going into effect.

Earthquake insurance can provide valuable protection for homeowners in South Carolina against the unpredictable damages caused by seismic activity. It is important to speak with an experienced insurance agent about the specific coverage needs of your home and family, so you can make an informed decision about purchasing earthquake insurance. With the right coverage in place, you can have peace of mind knowing that your home and possessions will be protected from the costly damages caused by an unexpected earthquake.