CA residents, do you have E-quake insurance?

Vipergrün · 09:45 AM

Just wondering how many folks fork out the extra cash for E-quake insurance. It almost doubles premiums. An insurance agent I spoke with indicated that they insure on the "last" event which occurred. So, if there's a big quake and it causes gas lines to break and your house burns down, quake insurance does not come into play. If your slab and walls get hosed from a quake and there are no subsequent events, then quake insurance is needed to cover damages.

Take the poll!

Porsche-O-Phile · Porsche-O-Phile's Garage

My earthquake insurance is a footlocker full of water, energy bars, warm blankets, flashlights and ammunition. Oh, and my portable generator & fuel.

Rot 911 · 02-22-2008, 10:07 AM

I wonder if you don't have quake insurance, there is a quake which ruptures a gas line and burns your house down if the insurance company would refuse to pay off by claiming the loss was due to a quake? Yes I know this is a run on sentence.

steve911 · steve911's Garage

Brad--
We've got EQ insurance, though not from the CA EQ authority, but private insurance. It covers the catastrophic loss (ie 1st $50,000 loss is ours). Costs around $800/year I think, which is a fraction of the regular house policy with State Farm. Bought it years ago. Allows me to sleep a little better at night.

Porsche-O-Phile · Porsche-O-Phile's Garage

We need a good quake. Scare off all the transplants and illegals and drop housing prices back where they should be. It'd help.

sammyg2 · 02-22-2008, 10:53 AM

Nope. The deductable was huge ($25k), the premiums were crazy, and if a really big one hits that's bad enuogh to take out my house, the insurance companies won't be able to cover the losses anyway.

syncroid · 02-22-2008, 02:28 PM

None here as well. Its not worth it. The deductible is huge. If we ever have another "big one" the house will probably be scraped anyway. What Jeff said is pretty accurate.

tabs · 02-22-2008, 02:36 PM

Daddy came to me one day and asked, "Do U think I should buy earthquake insurance?" I replied how long have you lived in the house....over 30 years was his answer. I then asked did you ever have any earthquake damage to the house. His answer was NO. I then said that is your answer.

cl8ton · 02-22-2008, 02:43 PM

None hear either, we have the quakes, but just ride them out

Now Tornados are another thing, they scare the hell out of me!

Once it rained very heavy, water pooled on my roof, came into my office and ruined dry wall and carpet.
Insurance disapproved because of the “Act of God” clause however if a pipe broke in the ceiling and caused the same damage, its covered!

Go figger

Andras Nagy · 03:03 PM

Our house in Glendale, near Pasaden, was built in 1928.

It has stood through 80 years of earthquakes.

During the Northridge earthquake of 1995, we had a little cracking in the stucco, of one panel only.

Our earthquake insurance would cost $5,000/year.

What do you think?

Moses · 02-22-2008, 02:46 PM

Quote:

Originally Posted by sammyg2

Nope. The deductable was huge ($25k), the premiums were crazy, and if a really big one hits that's bad enuogh to take out my house, the insurance companies won't be able to cover the losses anyway.

That's exactly the point. There are only a handful of carriers selling quake insurance aroung here. If a quake hits that's big enough to absorb a $50,000 deductable, the damage in the area will be in the BILLIONS. The carrier will be insolvent and the Feds will allow them to settle all claims for pennies on the dollar.

cab83_750 · 02-22-2008, 02:52 PM

I dropped mine a few months ago. Why? High Cost, High Deductible, Pool Not Covered, Block Walls not Covered, basically anything outside of the 4-house-walls is not covered).

Go search the web and you will find that your best bet is to retrofit your house for EQ.

Let's face it. Most houses are actually worth nothing; what matters is the lot/city where the house sits on. Of course, I somewhat disagree with this statement.

fxeditor · fxeditor's Garage

Call me paranoid but I have it. I lived in Northridge (Chatsworth actually) during the quake and the townhouse I was renting was red-tagged. When I bought my home later that year (partly with FIMA money) I decided to get EQ insurance no matter what. Like Steve911 my insurance is through a private company, not the state, so my cost is approx. $600 per year. Having it gives me good piece of mind but I know if something REALLY bad happens I'll need to go to go to FIMA and get a loan or grant.

vash · vash's Garage

i hope my house goes up like a roman candle after the big quake.

either way, it will suck. i'll probably get killed by the mob anyways. getting my curtains to match wont matter much after that. (unless i buy that Socum 16 i am dreaming about. then..."supressing fire")

BeyGon · 02-22-2008, 04:59 PM

My brother who handles insurance for a big name and also is the agent for our house and cars told me it really isn't worth it. So, even though I live in SoCal I won't be having it. If we fall into the ocean, the rest of you are in big trouble. You better get some.

Wickd89 · 02-22-2008, 05:25 PM

Quote:

Originally Posted by tabs

Daddy came to me one day and asked, "Do U think I should buy earthquake insurance?" I replied how long have you lived in the house....over 30 years was his answer. I then asked did you ever have any earthquake damage to the house. His answer was NO. I then said that is your answer.

THIS IS THE TRUTH! Maybe a broken fireplace if you have an old brick one, but in general not an issue.

I think the rest of the country has more issues, every single year: tornados, hurricanes, snow, freezing snow, etc.. Where do I stop.

Been in socal for 40 out of 44 years and nothing. I know most non-californians want us to suffer more, but we really don't...

Jims5543 · 02-22-2008, 06:32 PM

So the folks in NO without Flood Insurance were correct in not having it?

Should us folks in Florida skip it too. I just got my letter from State Farm, after raising my rates to $6500 a year on my 200K home they are dropping me.

Should I just skip it? I mean the house is 20 years old and been through 3 hurricanes without any damage, I may as well not insure?

You guys live on a fault line that is soooo overdue for a big rattle. You feel good without insurance?

cl8ton · 02-22-2008, 06:37 PM

Quote:

Originally Posted by Jim Cesiro

You guys live on a fault line that is soooo overdue for a big rattle. You feel good without insurance?

Ya mean San Andreas? Hell from what everyone tells me, were dropping off into the Pacific when it hits! LOL

Insurance is optional at that point!

cl8ton · 02-22-2008, 07:00 PM

A little OT…
Here is the Earthquake capital of the US (Parkfield, CA)

I just went across the bridge over the San Andreas Fault line when this pic was taken and the next intersection is where James Dean meet his demise.
The next sign you see in the pic after the “Parkfield” sign is the “James Dean Memorial Intersection” road sign.

BeyGon · 02-22-2008, 08:27 PM

Quote:

Originally Posted by Jim Cesiro

So the folks in NO without Flood Insurance were correct in not having it?

Should us folks in Florida skip it too. I just got my letter from State Farm, after raising my rates to $6500 a year on my 200K home they are dropping me.

Should I just skip it? I mean the house is 20 years old and been through 3 hurricanes without any damage, I may as well not insure?

You guys live on a fault line that is soooo overdue for a big rattle. You feel good without insurance?

I don't have a problem with no earthquake insurance, you won't be buying me a new home, 700k plus, if it happens, so there shouldn't be a problem.
We haven't had a tornado here for soooo long, a hurricane here for even longer. You get those every year, we get major earthquakes here what, every 5 or 6 hundred years? I can live with it. I don't have another fifty years.