Do you have earthquake insurance?

Submitted by moneymaker on July 13, 2016 - 8:30pm
Yes I do
33% (9 votes)
No I don't
52% (14 votes)
I've been meaning to get it but have not done so yet
15% (4 votes)
Hell no it's way too expensive
0% (0 votes)
I rent
0% (0 votes)
Total votes: 27
Submitted by Coronita on July 14, 2016 - 8:33am.

Its cheap in San Diego county

Submitted by svelte on July 14, 2016 - 9:09am.

I have looked at the map many times and concluded my house isnt very close to a known fault line. If you live close to the rose canyon fault, you should probably make a different decision entirely.

Submitted by livinincali on July 14, 2016 - 10:37am.

svelte wrote:
I have looked at the map many times and concluded my house isnt very close to a known fault line. If you live close to the rose canyon fault, you should probably make a different decision entirely.

The risk to reward with Earthquake insurance just really isn't all that great unless you have a specific higher risk scenario than most. If a huge quake causes significant damage to half of the homes in the county the insurance companies don't have enough reserves on hand to pay all the claims. Maybe you can hope that government steps in but who knows in that scenario. If a smaller quake damages some structures so that insurance companies will be able to pay, will your structure actually be one of the ones that is damaged to the point of needing insurance.

Submitted by moneymaker on July 14, 2016 - 10:10am.

Here's a good article http://www.newyorker.com/magazine/2015/0...
Don't worry when they say west of the 5 will be wiped out it is way up north.
One thing I learned reading the article is that the longer an earthquake lasts the bigger it is on the richter scale. So if we have a shaking that lasts for 2 minutes or more then somewhere there was significant damage.

Submitted by an on July 14, 2016 - 8:14pm.

flu wrote:
Its cheap in San Diego county

Yep, I figure for about $10/month, I think it's a pretty cheap way to have a little peace of mind. I spend more than that on coffee.

Submitted by moneymaker on July 14, 2016 - 8:35pm.

AN who do you get it through at that price and what is the deductible?

Submitted by ltsddd on July 14, 2016 - 9:41pm.

moneymaker wrote:
AN who do you get it through at that price and what is the deductible?

Earthquake insurance is offered by the california earthquake authority. Regardless of which insurance company you're insured with, you will be getting EQ insurance from the CEA. Believe pricing is uniform.

Submitted by moneymaker on July 15, 2016 - 11:56am.

I checked a while back and it would have doubled my home owners insurance and that was with a 50k deductible, that is what my insurance company quoted, maybe they were padding it, I don't know but that is why I didn't buy it. Way more than $10/month. I can't imagine any company offering it for $10/month.

Submitted by an on July 15, 2016 - 2:33pm.

I got mine from AAA, but CA Earthquake Authority is the actual insurance company. My earthquake insurance is 1/10 of my property insurance (~$10/month vs $100/month). I wouldn't have bought it otherwise.

Submitted by moneymaker on July 16, 2016 - 7:02pm.

Thanks AN,
any idea what the deductible is?

Submitted by Coronita on July 16, 2016 - 7:28pm.

here you go..

http://piggington.com/ot_i_just_bought_e...

I was offered

For the same $500k replacement cost coverage:
15% deductible is $301/year
20% deductible is $250/year
5% deductible is $484/year

I opted for the 20% deductible.

I'll take the family out 2 times less for dinner and move per year....Or one time less the last time we ran up the bill.

I learned never to skimp on insurance. Whether it's home, auto, rental, liability, or umbrella, or life.

Plus for me the banks don't own this house anymore. So it does matter to me.

Submitted by scaredyclassic on July 17, 2016 - 10:01am.

i got quoted 2k a year in temecula.

are we just way more likely to be destroyed?

Submitted by ltsddd on July 17, 2016 - 10:19am.

I got the standard coverage from CEA and the cost is about $150-$300 a year.

Submitted by ocrenter on July 17, 2016 - 5:36pm.

scaredyclassic wrote:
i got quoted 2k a year in temecula.

are we just way more likely to be destroyed?

http://service.scedc.caltech.edu/ftp/SCE...

Submitted by moneymaker on July 17, 2016 - 7:32pm.

Saw a billboard today from CEA that said you could customize your rate, couldn't read the fine print while driving but something about 3 things you could tweak. I'll have to go to the CEA site.