Homeowners generally can't purchase earthquake coverage for as many as 60 days after an earthquake because of the potential for aftershocks, Luedke said.
'Doesn't Make Sense'
"For most of us, having earthquake insurance doesn't make sense," said Sheryl Garrett, founder of Shawnee Mission, Kansas-based Garrett Planning Network Inc., a network of fee-only financial planners. That's because residents of areas where earthquakes rarely occur generally don't need the coverage, and policies in parts of the country with frequent earthquakes are more expensive to compensate for the increased risk, she said.
Homeowners considering purchasing earthquake coverage should check with the insurer about how it defines an earthquake and whether their policy covers related losses, such as water or fire damage triggered by an event, Garrett said.