Quake Demonstrates the Need for Earthquake Insurance

During a recent debate on earthquake insurance in the tiny European country of Liechtenstein, a small 3.9 magnitude earthquake struck on September 1st of 2022. Although no injuries were reported in the principality, the need for quake insurance could not have been better demonstrated.

The story about politicians debating earthquake insurance at the same time that a quake hit was reported the world over. According to CBC: “Lawmaker Bettina Petzold-Maehr had just warned that the chances of all Liechtenstein citizens being affected by an earthquake striking the country were high when the first small temblor hit…” AP news filed the story under the ‘Oddities’ section.

According to the Economic Times, “the parliament was officially discussing whether Liechtenstein needed to provide insurance in the event of an earthquake.” Numerous videos of the debate and shaking can be found online. In them you can see Bettina Petzold-Mähr speaking when the quake hit. It was reported that immediatly after the shaking that the room was quickly emptied as the parliamentarians left the room and possibly the building.

It could not be discoverd what if any legistlative action was completed by the Liechtenstein Parliament after the debate and the quake.

Past Quakes in Liechtenstein:

According to All Quakes – the small principality of Liechtenstein has had 101 quakes between 4 and 5 magnitude and five quakes over a 5 magnitude. All of these since the year 1900 up to the date of publication. The most significant quake to be felt in Liechtenstein – hit in nearby Germany about 44 years ago and was a 5.4 quake.

About Liechtenstein:

Liechtenstein is a very small country located in the Alps region of Europe between Switerzerland and Austria. The country is approximatly 62 square miles in size and has a population of about 39,000 people. Liechtenstein is one of the smaller countries in the world and one of the smallest counties in Europe. Liechtenstein may be the only ‘double landlocked’ country in the entire world.

About Earthquake Insurance:

Earthquake insurance is typically a type of property insurance for physical damage. In the United States, earthquake insurance policies are usually sold alongside of homeowners insurance policies. Typical homeowners policies do not cover homes from any land movement. In order to get covered for the peril of earthquake, a separate policy or endorsement is required. In the US deductibles for quake cover can range from 5% to 25% of the main structure coverage.

Summation of the Liechtenstein Earthquake and What is Means:

The situation in Liechtenstein highlights that earthquake insurance is needed. While politicians debate the world shakes. All properties should be assessed for the need of earthquake insurance. Not all homes are going to need it, but a functional insurance marketplace should be available for consumers to conside the coverage.

This site has no expertise in European insurance. We do not sell earthquake policies there. We are US – California organization. This location and this situation though assist in proving the point that earthquake insurance is important – the world over. Always seek the licensed advice of an insurance agent in your area before making any changes to, additions, to, or purchase of insurance.