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Earthquake insurance: Do you need it in NC?

Two registered quakes in the Triad in less than a week could have you thinking about it.

GREENSBORO, N.C. — For the second time in a week, folks in the Triad felt the earth shake. The early morning 2.3 magnitude aftershock woke some people up in Winston-Salem. It's the second quake in three days, the initial earthquake was a magnitude of 2.4.

With these recent rumblings, folks are asking about earthquake insurance.   It is just separate from your regular homeowner's policy and it works similar to flood insurance or wind insurance.
 

“If you have a fire in your home you usually have a flat fee, a $500 deductible but in earthquake coverage, it's a percentage. The wind is the same. If you have a 2% deductible and you have a $200k house, you would have the first 2% on that house, that equates to a $4k deductible,” said Christopher Cook from Alliance Insurance Services.

Cook says only two of his 4,000 customers have earthquake coverage. Earthquake insurance is about $200 a year based on a $200k house, but know this, even if you want it right now, you can't get it. Insurance companies don't write policies while the ground is still shaking, there's usually a two-week waiting period from the last quake.

Cook says it's worth having your insurance agent run the numbers for you-- so you can decide if you think the risk is worth it.

 Even if you're not thinking about earthquake insurance, think about this:
Hot water heaters, AC/heating units, fridges, stoves aren’t covered under your homeowner's policy if they just wear out and need to be replaced.