Do you believe that persons owning property in the city in which you live should purchase...

Do you believe that persons owning property in the city in which you live should purchase the Earthquake Assumption Endorsement to their homeowners Policies? Why or why not? Also, please respond to another student's post.

Expert Solution

Yes, I do believe that persons owning property in city in which I live should purchase the Earthquake Assumption Endorsement to their homeowners Policies. I live in Memphis, Tennessee and this city is located in a seismic hot spot. Buying the Earthquake Assumption Endorsement will enable the homeowners to cover the damages that occur to their house from an earthquake. The endorsement covers most repairs needed. It will, of course, increase your insurance premium but will also at the same time protect you from the risk of bearing high repair expenses and costs of structural changes to your house that is required after an earthquake. Thus the Earthquake Assumption Endorsement will minimize your risk exposure that may occur due to partial or total destruction of your house, building collapse, structural damages and repairs, explosion and fire etc. that occur due to an earthquake. The incremental cost of extra premium will be worth the risk that the Earthquake Assumption Endorsement will cover.

jeff jeffy answered 1 year ago

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