Earthquake coverage will help pay for the costs associated with earthquake damage, such as repairing or replacing your home, replacing the contents of your home, temporary accommodations, and paying a mortgage, second mortgage, or line of credit on your home if your home is destroyed. If you have a typical home loan and deed of trust, you will remain responsible for the loan balance even if your home is damaged or destroyed by an earthquake, so being financially protected by earthquake insurance is critical. The deductible and amount of coverage available for earthquake damages vary by state.