Anyone here have Earthquake Insurance?

[alf]

Pros & Cons? Worth the extra cost?

[Superman]

Did I hear someone say that folks in NO who had hurricane insurance are being denied benefits because it was WATER that destroyed their home? Sorry to hijack the thread.

I'd say no. When an earthquake hit here, FEMA payed for the repair of damaged homes.

[tabs]

Are you fking kiddding....I lived in California for 48 years....and in all those years NEVER SUFFERED ANY DAMAGE....and I went through some big quakes....Big Bear and Landers were each over 7 on the Richter Scale......Some of the quakes were epicentered within a mile of my home to boot...

In my opinion Earth Quake insurance is just another way to get into your pocket...also take a look at the amount of deductible damage you have to have before the insurance kicks in...it's usually a very high deductible...

[juanbenae]

Originally posted by tabs
also take a look at the amount of deductible damage you have to have before the insurance kicks in...it's usually a very high deductible...

yeah, the deductible alone would cause me to go broke.

[legion]

Originally posted by Superman
Did I hear someone say that folks in NO who had hurricane insurance are being denied benefits because it was WATER that destroyed their home? Sorry to hijack the thread.

I'd say no. When an earthquake hit here, FEMA payed for the repair of damaged homes.

Looks like Scruggs soundbites are getting through the media without any fact-checking.

"Hurricane Insurance" (as some insurers call it) is for wind damage only. Flood insurance is for water damage. So yes, if your house gets flooded, regardless of the cause, it is not covered by "hurricane insurance". All forms of private insurance have excluded water damage since 1968. This is widely known.

[Howard Agency]

OK, here is the generic advice we give our clients. It may not apply to you, so contact me if you have a specific question.

In California, EQ coverage is usually written with a 15% deductible, so it takes a mighty shake to collect anything. The cost varies widely depending on the 'zone' your home is in, but figure anywhere from $500 to $1500 per year. You can cover the structure or the structure and contents.

Makes some sense if:
You have a ton of equity in your home. If not, you can just walk away and give it to the bank. Not nice, but hey.

Your only real asset is your home.

It helps you sleep better or keeps your wife off your back.

And Supe, Standard home insurance covers wind and water damage, but excludes 'rising water'. So if you're the belt and suspenders type, and/or live in a high hazard area, you may need Homeowners, Flood, and Earthquake policies.

[vash]

i thought the land was technically the expensive part. at least it is in my case. i bet my small ranch style can ride out a decent shake. EQ insurance is too much. hopefully, if it rattles to death, i catches on fire shortly afterwards.

[JavaBrewer]

Yes we have it. $1000/yr and something like 15% deductable. An old boss of mine advised "always protect yourself from the things that can break you". I live on a mountain of granite so we're pretty isolated from soil failure but it's peace of mind all the same.

[nostatic]

Have it on the house. It got pretty hammered in quakes before we bought it, and is on aluvian soil, so it is prone to movement (not as bad as a liquefaction zone though). It isn't too expensive, and would at least prevent a total loss.

[Jims5543]

Originally posted by tabs
Are you fking kiddding....I lived in California for 48 years....and in all those years NEVER SUFFERED ANY DAMAGE....and I went through some big quakes....Big Bear and Landers were each over 7 on the Richter Scale......Some of the quakes were epicentered within a mile of my home to boot...

In my opinion Earth Quake insurance is just another way to get into your pocket...also take a look at the amount of deductible damage you have to have before the insurance kicks in...it's usually a very high deductible...

Dont trailer homes just rock a lot in a quake? Sort of like spending 5 minutes with a $50 hooker in it?


I am in the process of purchasing a home in NC and have pondered quake insurance. I cannot imagine it costing too much there. Property tax on a 180K home is running $400 a year and basic homeowners another $400. Compared to the 1600 / 1500 I pay respectively here in Florida its a deal.

Any good bible thumper out there will tell you that the bible predicts increases in earthquakes as the end approaches so maybe some good insurance just in case would be prudent.