The recent earthquakes in the California desert and felt in Las Vegas have many people worried if an earthquake can cause safety and property damage concerns right here in Las Vegas. After all, Nevada is one of the most seismically active states according to the US Geological Survey. Could a powerful enough earthquake strike in or close to Las Vegas and cause serious property damage? How would you protect yourself?

Earthquakes can strike at anytime and any place. It is difficult to predict, even for experienced scientists. And while Las Vegas has not had any tremors that resulted in significant property or infrastructure damage for many years, the risk exists. The Las Vegas valley has a number of fault lines that can result in an earthquake. And any effects from a strong earthquake in California can also affect the Las Vegas valley. So, what options exist?

Many people will say that they have homeowner’s insurance to protect them. However, it is important to note that most homeowner’s insurance policies do not cover earthquake damage. Insuring your home and other property typically requires additional coverage specific to that.

So, why don’t most people have earthquake insurance, especially in earthquake prone areas? Simply, due to the cost! Earthquake insurance is pricey. And even the deductibles can be significant, a percentage of the overall policy limit, which could be thousands of dollars depending on the policy limit.

Earthquake insurance also has exclusions many times. For example, a typical earthquake policy doesn’t cover landscaping, pools and fences among other things. Loss of use coverage can also be restricted within an earthquake policy. It is best to contact your insurance carrier to find out what the costs are specific to your needs and what the coverage would look like.

If earthquake insurance is not the right fit for you, what can you do besides that? Contact your current homeowners insurance provider and ask them what could be covered in the event of a serious earthquake. For example, if after an earthquake, the home has a fire or water event, would that be covered under the current homeowner’s policy terms related to those items?

Additionally, be proactive to mitigate potential damage and losses! Many times, damage occurs because items fall over. So, be sure that furniture, china cabinets with glassware and bookshelves are secured to your walls.
Most importantly, be sure to keep yourself and your loved ones safe during these events!

Source material: https://www.cbsnews.com/news/earthquake-insurance-8-things-you-need-to-know/

Contributed by Nicklin Property Management. The information provided here is for information purposes only and does not constitute real estate advice.

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