If the Washington Monument were somebody’s home or private business, do you think the owner would have carried earthquake insurance? Yet, here it is, uninhabitable and closed to visitors and earning potential. Who would have expected such a thing?

While this is not an effort to use scare tactics, perhaps it truly is time for owners of Atlanta real estate to take a closer look and their insurance policies. The

Equifax Personal Finance Blog has an article explaining some of the peculiarities of earthquake and flood insurance. The article, “

Let’s Stop Denying It: We Need to Buy Earthquake and Flood Insurance—Now!” was actually written by guest blogger Loretta Worters of the Insurance Information Institute after last year’s tsunami in Japan. With recent and ongoing events in the US, it’s still timely.

You’ll want to read the full article for complete details and relevant links, but keep in mind that earthquake and flood insurance typically are set up differently than regular homeowners insurance policies. For example, according to the post, deductibles on earthquake policies are generally a percentage of the structure’s replacement value rather than a set amount, and those deductibles can range from 2 to 20 percent.

For floods, the federal government has actually established a special insurance program, appropriately entitled the National Flood Insurance Program (NFIP). Even though the government is involved, you can probably purchase it through the same company that provides your regular homeowners policy. NFIP coverage sets a limit of $250,000 for property and $100,000 for contents, so you will want to use private insurance for additional coverage.

Will recent events lead you to buy flood or earthquake insurance?