Although Bourbonnais, IL isn’t in a major earthquake zone, these incidents may still happen in this area from time to time. Therefore, we at George Ryan Jr. Insurance Group Inc suggest seriously considering the benefits of high-quality earthquake insurance as a landlord.
Landlords May Need to Buy Insurance in Earthquake Zones
Areas in earthquake zones typically require landlords to purchase insurance policies to protect their investment. These specific sectors are defined by state and federal officials and provide landlords and insurance companies with a better understanding of the risk of this danger.
However, other states allow landlords to choose whether or not they want to buy insurance, even in earthquake zones. Generally speaking, a policy is a good choice because of how devastating and earthquake can be to a home or apartment complex.
How Earthquake Coverage Helps
Adding earthquake coverage to an insurance policy will help protect you in three major ways. First of all, it will protect a rental home from serious damage that occurs during an earthquake. Secondly, it will protect personal property – such as vehicles and more – during these destructive incidents. This coverage does NOT extend to renters, who need to pay for their own policies.
Third, and perhaps most importantly, these policies also help to cover additional living expenses. Typically, these expenses fall under the heading of resettlement expenses and repairs on a home. Make sure to get a home valued properly when setting limits on what these policies cover.
Let Us Help You Find a Policy
So if you live in Bourbonnais, IL and are worried about earthquakes affecting the area, please don’t hesitate to contact us at George Ryan Jr. Insurance Group Inc to learn more. Our experts will take the proper steps to ensure that your rental home is properly covered by this danger.