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Is earthquake damage covered by home owners insurance?

As Southern Africa experienced an earthquake which according to reports measured 5.3 on the Richter Scale - we ask is earthquake damage covered by your home owners insurance?

According to Old Mutual, home owners insurance covers:

- Fire, lightning and explosions.
- Loss or damage caused by deliberate or willful acts.
- Burst geysers and resultant damage.
- Natural Disasters including storm, wind, flood, hail, snow or earthquake damage.
- Loss or damage caused by faulty water systems, including burst, leaking or overflowing geysers, water supply tanks, cisterns and water pipes.
- Theft or attempted theft where forcible and violent entry to (or exit from) your property causes damage to the premises.
- Impact by animals, vehicles, falling trees or parts of trees; aircraft or articles dropped from above.
- Breakage or collapse of fixed radio or television aerials, satellite dishes or masts.
- Erosion and / or Subsidence.

(Source: Old Mutual)

However, not all insurance policies are the same. Standard Bank for example says that they would cover for an earthquake only if the home owner can prove that the earthquake was not caused by mining activity. If it was caused by mining activity the home owner is responsible for a part of the costs.

(Source: Standard Bank)

Therefore it is vital that you understand your home owners insurance and what exactly you are covered for. Shop around for the best insurance and compare quotes before you sign on the dotted line.


 


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