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As a resident of Georgia, you may not think that earthquake insurance is necessary. However, the reality is that earthquakes can and do occur in Georgia. In fact, the state is at risk for earthquakes due to its proximity to the Appalachian Mountains, and there have been several earthquakes recorded in the state in recent years.
While Georgia is not known for its earthquake activity, the state has experienced several earthquakes in recent years. In 2018, a 4.4 magnitude earthquake hit north Georgia, causing minor damage. In 2019, a 2.5 magnitude earthquake occurred near Augusta. While these earthquakes were relatively small, they serve as a reminder that earthquakes can and do occur in Georgia.
Many homeowners in Georgia assume that their homeowners insurance policy will cover earthquake damage. However, most standard homeowners insurance policies do not include earthquake coverage. If you do not have earthquake insurance, you could be responsible for paying for any damages caused by an earthquake out of pocket.
If your home is damaged in an earthquake, the cost of repairs can be significant. According to the Insurance Information Institute, the average earthquake claim in the United States is $30,000. If you do not have earthquake insurance, you could be responsible for paying for these damages out of pocket.
Despite the potential cost of earthquake damage, earthquake insurance is relatively affordable in Georgia. The cost of earthquake insurance depends on a variety of factors, including the value of your home, the location of your home, and the type of coverage you choose. However, on average, earthquake insurance in Georgia costs between $100 and $300 per year.
While earthquakes may not be top of mind for many Georgia residents, they can and do occur in the state. Having earthquake insurance can protect you financially in the event of an earthquake and provide peace of mind. Don't wait until it's too late – consider adding earthquake insurance to your homeowners insurance policy today by contacting Kevin Panter Insurance.