Earthquake Insurance Coverage for Your Home

People from all walks of life normally avail life, home and vehicle insurance to stay protected against risks and unforeseen events. Home Insurance on the contrary is considered as unnecessary by many especially Indian households. However, home insurance that covers earthquakes is a must, especially in regions that are prone to these natural calamities. Earthquakes can not only adversely impact the home structure, in some cases it may completely destroy the house/apartment/flat in question depending upon the intensity or the magnitude of the quake..

India is a country that is prone to major earthquakes. The earthquake with epicentre in Bhuj, in 2001,was one of the most devastating earthquakes in the Indian history that jolted western India and parts of northern India. The damage from such an earthquake can cause huge loss of life and property.So, the cost of buying a home insurance with earthquake coverage is significantly less than the costof rebuilding the house in case an earthquake occurs.

Causes of Earthquakes

Earthquakes are mainly caused by the sudden release of the stress along the faults in the tectonic plates or the earth’s crust. This pressure builds up due to the movement of tectonic plates and is released in sudden jerky movements, known as an earthquake. The north-eastern region of the country as well as the entire Himalayan belt is susceptible to major earthquakes of magnitude more than 8.0. The main cause of earthquakes in these regions is the movement of the Indian plate towards the Eurasian plate at the rate of about 50 mm per year

Besides the Himalayan region and the Indo-Gangetic plains, even the peninsular India is prone to damaging earthquakes. More than 50% of India’s area is susceptible to dangerous earthquakes, as per historical reports. An earthquake with intensity greater than 6.0 on the Richter scale is considered to be an intense one, which can damage life and property to a great extent.