<p>A friend worked for a major corporation and did 400 flips. (I guess some houses are rented so they aren’t all flips). He told me to get earthquake insurance. He bought earthquake insurance on the stuff he owned.</p>
<p>We’re in S Cal and bought earthquake insurance after the Northridge quake. Our house Is wood frame and the subterranean termites have been working on it for 50 years. The tile roof alone would cost more to replace than the total of our cumulative premiums. I think of the insurance as a down payment on the dream house I would like to build rather than protection for the house we have. The fact that so few people have EQ insurance gives me hope that companies will remain solvent when “the big one” hits. Plus we chose an East Coast company (Amica) in hopes they will be less impacted by local disasters.</p>
<p>400 flips? Bought, remodeled and flipped 400 houses?? Over what period of time? Thats a LOT.</p>
<p>4 years. He was the nor cal guy for a very large corporation. The company doesn’t upgrade the homes like coralbrook does. :)</p>
<p>He is not that positive on bay area housing in the short run. </p>
<p>Meaning??? Whats his thought on housing there???</p>
<p>Prices went a little too high too fast. Just an opinion. He is seeing price weakness in the less popular areas like Antioch. </p>
<p>Think it will drop or at least level out in the metro area?</p>
<p>He doesn’t know. Nobody knows. </p>
<p>If my daughter finds a place she likes, I think she should buy it and not worry about it.</p>
<p>Well, that goes without say… was just interested in his and your opinion. </p>
<p>If our kids are going to live in the place they buy for several years, they will be ok. I think. :)</p>
<p>Thanks. If that ridiculous market will cool at all, maybe someone who can’t show up as a cash buyer like a lot of the other bidders has a fighting chance.</p>
<p>Yeah…it is tough.</p>
<p>the market has already cooled down. Many lessor popular areas do not get multiple offers any more, even some parts of San Jose. There are still plenty of short sales and reos in East Bay, however, the price is up, the bank is very greedy.</p>
<p>Anyway Earthquake insurance is still very high in the bay area with a huge deductible.</p>
<p>^^ so true. Our Bay Area EI is over $2k per year…and the deductible…hold on…is $65K!! H is wondering the wisdom of this, but we do have considerable equity…and with recent Napa quake, well, we’re keeping it…</p>
<p>Oh my!! I asked DS if he has earthquake insu and he said "yes, with a deductible"but didnt say what that deductible was. His is renters insurance, but lordy, he doesnt own 65K worth of anything!</p>
<p>EI is only for property owners not renters. Jym. </p>
<p>Hmmm… he said he had some earthquake coverage. Oh well. No matter… As long as there is no earthquake! But, I am guessing he has some coverage for contents in light of a quake. Maybe its under “acts of god”?</p>
<p><a href=“What does renters insurance cover and how does it work? | GEICO”>https://www.geico.com/information/aboutinsurance/renters/insights/deal/</a></p>
<p>He is pretty careful about this stuff. I assume he has it covered through his renters insu. </p>