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Earthquake covers against the risks of earthquake. Generally, earthquake policies only cover the dwelling, and not the contents or out-buildings, although contents can be covered.
If you have a mortgage, and if you are in an area where either risk is real, this coverage can be particularly important even if your lending organization doesn't require it. In the event of a loss, you may still owe the debt and have no asset -- in fact you may even be liable for removing the debris.
If the premium you're quoted is too high for you, ask for the price with a higher deductible.
If you're not sure if you live near a major fault, call your state's department of geology or look at the National Earthquake Information Center's Website at http://earthquake.usqs.gov 
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