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Natural calamities like earthquake strike without warning, claiming lives in thousands and causing massive property damage. Rebuilding a home can be a huge financial burden for many. With HDFC ERGO Home Insurance plans stay secured from such unpredictable events and recover from losses in your time of need.
Earthquake insurance is a component of home insurance that provides financial aid to help you rebuild your home or property from the damages caused due to an earthquake. According to statistics, around 60% of the Indian population resides in areas prone to earthquakes. While one cannot predict when an earthquake can hit a country, all you can do is secure your home with the assurance of home insurance.
In the event of an earthquake, the damage to the property can be minor, major or, at times, beyond repair. It can also cause considerable damage to both structure and content of your property. Hence, it puts a tremendous financial strain to reconstruct the home and acquire the valuables or contents damaged. Earthquake insurance, in such times, can help with financial aid to rebuild the structure and repay for the losses of its contents. Earthquake insurance is a type of property insurance that covers damage to buildings and personal belongings caused by earthquakes. Standard homeowners or renters insurance policies usually do not cover earthquake damage, so a separate policy or an add-on (rider) is needed.
The 4 seismic zones in India are marked based on the frequency and magnitude of earthquakes that can occur in that area.
Zone I - This zone covers the entire north-eastern India, parts of Jammu and Kashmir, Himachal Pradesh, Uttaranchal, Rann of Kutch in Gujarat, parts of North Bihar and Andaman & Nicobar Islands.
Zone II - Moderate Damage Risk Zone: This zone covers the remaining parts of Jammu & Kashmir and Himachal Pradesh, Union Territory of Delhi, Sikkim, northern parts of Uttar Pradesh, Bihar and West Bengal, parts of Gujarat, and small portions of Maharashtra near the west coast, and Rajasthan.
Zone III : This zone covers Kerala, Goa, Lakshadweep islands, and remaining parts of Uttar Pradesh, Gujarat and West Bengal, parts of Punjab, Rajasthan, Madhya Pradesh, Bihar, Jharkhand, Chhattisgarh, Maharashtra, Orissa, Andhra Pradesh, Tamil Nadu and Karnataka.
Zone IV - Very Low Damage Risk Zone: This zone covers the rest of the country.
See what is covered and what is 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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1
Who can take the insurance cover for earthquakes?
Both homeowners and tenants can take home insurance that has earthquake coverage as an add-on or in-build feature. A homeowner can opt for a plan that can secure the structure or contents or both from damages due to natural calamities like an earthquake, whereas a tenant who doesn’t own the home can also take home insurance that will secure the contents of the home and repay for the damages, if any, incurred in case of an earthquake.
2
What is the process for filing a home insurance claim in case of an earthquake?
We know it could be a harrowing experience to face damages to the property and its contents in the event of an earthquake. It might take you some time to recover from the initial trauma. But once you are ready to file a claim, notify your insurer about the incident. Then gather all the evidence in support of your claim – photographs, documents etc. Once you submit the evidence, an inspection will be done by your insurer to study the extent of your damages. After the report is submitted to your insurer, a thorough check is done, and the process of disbursement starts.
3
Will my damaged vehicle also be covered under my existing earthquake insurance policy?
Your existing earthquake insurance policy will secure the structure and contents of your house and repay for the damages that happened to the same due to an earthquake. However, damages to your car will not be covered under this policy. If you have motor insurance, then you can place a claim for damages to your vehicle separately.
4
Is the premium for earthquake insurance the same for every other house?
No, earthquake insurance is not the same for every other house. The premium you pay depends on many factors, like – the age of the house, location, security measures in place and much more. So, if your home is situated in an earthquake-prone area, your premium might be more than one that is situated in a lesser-prone area.
5
Does earthquake insurance also cover tenants?
Earthquake insurance doesn’t cover the tenants directly. A homeowner can insure his house and content that is on rent. However, if you are a tenant and have precious goods at your rented place that costs you a fortune, you can insure the contents of your home from natural calamities like an earthquake.
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