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earthquake insurance
Is earthquake insurance worth it for me?
I live in an area that is said to have the "big one" hit soon, but the cost is $480 a year with a $36,000 deductible. It's a wood frame house, so could that much damage possibly occur from an earthquake? Is it worth it?
How much damage could possibly occur from an earthquake? Well, the whole house could be destroyed. So, value of the house (as in cost to rebuild) plus debris removal, figure an additional 10%.
Is it worth it? You'll NEVER KNOW, except in hindsight. You will NEVER NEED IT, until the big one hits. Then it will be too late.
Just like life insurance. You don't NEED it, until you die - then it's too late to buy it.
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Earthquake Insurance
Earthquake Insurance Deductable?
I live in Las Vegas and just checked into Earthquake Insurance. For about $350, and a deductable of $50.000 (50K) I can get it. Does the deductable seem excessive to anyone else?
In Nevada you'd have a hard time getting a lower deductible than that. Insurers are not willing to accept too much exposure to loss for EQ since it is catastrophic coverage and usually only people close to fault lines are interested in buying it anyway.
EQ deductibles are usually based on a percentage of the building's value.
2 Comments
Last Tuesday evening the fire chief (I think he is the
fire chief) and I talked about the cost of earthquake
insurance. I told him I didn't think I could afford
it much longer. We talked about the fact we were due
a big one. Any of us could have predicted this. We
were due a big one. What worries me that the after
shocks have not been big enough. What's left of
my china and other things that are precious to me,
I am storing for awhile. If you come to my house
for a glass of wine, my crystal is gone. You will
have to bring your own glass.
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