As is true for most natural disasters, there is increased concern over the threat of earthquake in the wake of the 6.0 magnitude quake that caused an estimated 1 billion dollars in property damage to NAPA Valley, CA, among others. Property damage aside, the earthquake in California left approximately 120 injured and 3 in critical condition. The situation in CA resembles that of the 1886 earthquake in Charleston, SC. A 7.3 magnitude earthquake shook Charleston to the core, causing 5-6 million dollars in property damage and leaving 60 people dead.
The latest USGS National Seismic Hazard Map shows South Carolina and particularly Charleston, SC, as having the highest risk for seismic activity. South Carolina is one of only 16 states to have any area located in a highest hazard zone. Risk of seismic activity aside, the risk for damage due to an earthquake is important to note. Charleston has a high potential for earthquake damage. Two reasons for this increased potential for damage are:
- High density of unreinforced masonry constructed buildings which are more susceptible to damage from earthquakes. In the 1886 Charleston Earthquake approximately 89% of brick buildings either had more than minor damage or were completely demolished.
- High density of older buildings that do not adhere to current building codes.
The risk of seismic activity and probability of damage are no secret in South Carolina and The Lowcountry, but only 6% of homeowners purchase earthquake insurance in the South. Will the most recent research showing how vulnerable Charleston and the surrounding areas make you think twice when your agent offers the coverage?
Earthquake coverage can be added to your current homeowners policy in most cases. If you are not able to add this coverage to your policy, there are stand –alone earthquake programs available. The agents at McKay Insurance would be happy to help if you need some guidance purchasing this important coverage. Call today at 843-881-2229!
Post courtesy of McKay Insurance
