<p>Think of the 1906 San Francisco earthquake. More buildings were destroyed by the subsequent fires than the quake. So now in the next big quake, If the initial fire was not caused by your gas leak, but spread from a neighbors gas leak, then wouldn’t your fire insurance cover it?</p>
<p>I’m in Florida and don’t know much about earthquakes and insurance coverage, but I’d bet homeowners in earthquake states have fire coverage for home suffering fire loss from a gas leak fire after an earthquake.</p>
<p><a href=“http://www.natlawreview.com/article/lessons-great-fire-1906-insurance-coverage-dispute”>http://www.natlawreview.com/article/lessons-great-fire-1906-insurance-coverage-dispute</a></p>
<p>Just looked at my policy. I am getting $340,000 coverage for $550 a year. There is a $50,000 deductible. For me, this is a no-brainer. Almost $300,000 of coverage for around $500 annually. Why wouldn’t I purchase earthquake insurance?</p>
<p>GP, you are getting a deal. I think I’m paying about $2K for a LOT less hurricane coverage, but haven’t checked my policy lately. I am hoping none of us ever need to make a claim. I have no idea how much the flood policy will turn out to be but expect it to be ridiculously high since the Japanese Tsunami made everyone realize how low our state lies. I think my elevation is about 8-15 feet above sea level. We live some blocks from the ocean, as does most of the others in our state.</p>
<p>HImom, I was referring to earthquake insurance. Don’t have flood insurance.</p>
<p>I am about a mile from the ocean so I am hoping I won’t ever need flood insurance</p>
<p>I understand, and I don’t have earthquake insurance (as it’s not sold here). I was just relating different risks and how much insurance for such things cost–compared to what we’re offered for our risks, you’re getting quite the bargain.</p>
<p>Yeah, I guess I am getting a pretty good deal. I wonder if its because I have my homeowners, auto, umbrella and earthquake policies with the same company?</p>
<p>Am sure that having everything with the same company helps. We were able to get amazingly low rates for auto insurance (under $600 or 800 for 3 cars, 2 drivers for a year, maximum coverage). No one else came close and we have had great experiences with this insurer. We pay about $700 every 6 months our D to insure just her on ONE car! Hopefully the rate will improve as she gets older and keeps a good driving record.</p>
<p>That’s an incredible rate for auto insurance. I am paying at least twice that amount for the same number of cars and 3 drivers. Also, maximum coverage.</p>
<p>Actually, this includes my son so it may be good rate after all.</p>
<p>Yea, D is expensive to insure–hopefully it will get lower after she turns 26 and has no more tickets or accidents. We can only hope! Am just happy that we can afford to carry the insurance for our home, since it will be very expensive for us to replace if we DO have catastrophic damage, which is really what insurance is for, in our world.</p>
<p>GP</p>
<p>Where do you live? Can’t be California! Our EI is about $2000 with high deductibles… At least that is what they quoted and in CA, you have only one company to insure with, the government.</p>
<p>I live in the Los Angeles area and have earthquake insurance. Our premium is about $800/year through AAA and the California Earthquake Authority. My guess is that the premiums probably depend not only on the value of your house, but also on the geological conditions of where you live, such as how many known faults are nearby and whether you live on bedrock or on sandier, more unstable soil where there’s likely to be more damage.</p>
<p>Yeah, I live in Southern California and also get the insurance through AAA. I get $350,000 of coverage with a $50,000 deductible. The bill has gone up in recent years, but I guess I shouldn’t complain if all I am paying is $550.</p>
<p>With the advent of the recent Napa quake. I want to resurrect this topic so have some more discussions.</p>
<p>Obviously, all new quake insurances are on a moritorian for 6 mom. But it will soon be lapsed. So, my question is:</p>
<p>Do we have anyone who has been financially impacted in Napa can comment on the merits of Earthquake Insurance?</p>
<p>I have property on the other side of the bridge, I had little impact from the quake, but I am concerned.</p>
<p>As a result of 1994 Northridge earthquake we had substantial damage. At that time the premiums were low, 500 deductible, earthquake coverage excellent. After that earthquake insurance became quite expensive, We still have it today but only because we have a lot of equity in home. If someone has little or no equity I would say its not worth it.</p>
<p>Have you considered having an engineer evaluate your home for specific earthquake retrofitting? It might be that some of those strategies would be less expensive and of more direct benefit, @artsloverplus.</p>
<p>^^For that old house, if any retrofit for earthquake is to be done, I’d take it down and build another. I regret spent money to restore it in the first place.</p>
<p>I live in Georgia and I have had earthquake insurance since we bought our first house in Illinois. It costs a little over $100 a year. It may seem silly but after we move to Georgia we had one in 2003 and it did shake the house and knocked some pictures off the walls. There wasn’t any real damage but for $100 a year I’d rather be safe than sorry.</p>
<p>art, I have earthquake insurance for 25 plus years. I’m the type that I rather spend the money and sleep well. It’s a form of wellness insurance. My neighbor has told me repeatedly he does not have earthquake insurance. So what? I don’t care, I sleep well at night, well on most night.</p>
<p>I have hurricane insurance, which used to be included in homeowner’s insurance, as well as flood coverage. It’s a cost benefit analysis to decide whether the premium is worth it to you in light of the premium, equity in your home, past experience, tolerance for risk and other factors. We sleep better at night with the max protection, with a deductible we could swallow, to keep premiums more affordable. No earthquake coverage offered here. </p>