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.
The 4 seismic zones in India are marked based on the frequency and magnitude of earthquakes that can occur in that area.
Coverage to the structure and the contents of the house
Coverge against damage to the valuables inside the house
Damage resulting from any flooding that follows an earthquake is not covered
Any applicable deductibles as per the policy are excluded
Loss of earnings or indirect damage of any kind is not covered
Fees of architects, surveyors or consulting engineers (in excess of 3% claim amount) won’t be covered
The policy will not cover debris removal
Loss of rent is not covered
Additional expenses due to renting of an alternative accommodation are not included
Any damages that occur outside the insurance period are not covered
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.
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