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Old 04-28-2008, 12:03 PM
 
Location: North of the hood, south of the valley
2,963 posts, read 6,616,445 times
Reputation: 2217
Quote:
Originally Posted by ajnsd View Post
Hey Pizzicato,

Welcome to SD. I'm a Property Field Adjuster and I'm an accredited earthquake adjuster as well, so I think I can answer your question. The short answer is NO, do not spend money on earthquake insurance. The California Earthquake Authority (CEA) Policy is the only policy you can purchase. To begin with, you do not carry a standard deductible, such as $250 or $500 as is with Renters Polices. The CEA policy carries a percentage deductible. In other words, you need a major loss to even make it worth your effort to file a claim as CEA deductibles typically range from $10,000 to $25,000. That's not a typo either.

Secondly, the CEA policy is very restrictive. It doesn't provide coverage for all of your personal property. There are several exclusions, such as collectibles and business equipment.

A large majority of the Renters Policy claims I have worked involve either theft or water damage, with electronics being the most expensive items. Just make sure you have enough coverage for your under your Personal Propery Coverage. Also, do you keep any business related equipment at home? If you do, your Renters Policy will only provide a very small amount of insurance if lost. Computers typically carry sub--limits between $2K and $5K. If you need more insurance for computers, ask your agent to "schedule" them. This typically costs a little more, but it's well worth it. Jewelry carries sub--limits as well, typically between $1000 and $2500. As with electronics, schedule them if you need more coverage.

Someone also mentioned Flood Insurance. Don't waste your effort looking for it because the National Flood Insurance Program (NFIP) doesn't write flood coverage for Renters. Even if you can get it, SD is not in a flood plain making it worthless.

Water related events typically involve plumbing failures. That is not considered a "flood" in the insurance industry and as long as the flooding was a "sudden" event, it will be covered under your renter's policy.

Instead of Earthquake, you should be sure you carry enough Liability Coverage. Consider about $100K limit, at a minimum. Purchase more if you can afford it. You are more likely to be sued than sustain earthquake damage.

Sorry for being so long winded, but I hope I answered your questions. Feel free to ask any other questions.

AJ
Very sound discussion of insurance that is worth public acknowledgment. I hope more people see the above post.
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Old 05-02-2008, 06:24 PM
 
124 posts, read 245,149 times
Reputation: 47
Who is supposed to pay for a renters insurance, renter or landlord?

ajnsd, what liability coverage are you referring to? Who is to pay? What does it cover? I am ignorant about insurance, especially when it comes to renter vs. landlord issue. Thanks.
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Old 05-03-2008, 10:22 AM
 
Location: San Diego
95 posts, read 261,268 times
Reputation: 125
Quote:
Originally Posted by donalduckmoore View Post
Who is supposed to pay for a renters insurance, renter or landlord?

ajnsd, what liability coverage are you referring to? Who is to pay? What does it cover? I am ignorant about insurance, especially when it comes to renter vs. landlord issue. Thanks.
The Landlord purchases Rental Dwelling Policies which cover the building in the event of a covered loss, but not the tenant. However, if something happens (fire), the tenant is left high and dry. The tenant needs to purchase Renters insurance to cover your personal belongings. The landlord is not responsible if something happens to your stuff, in most cases.

Liability insurance is included in a Renters policy already. You don't have to buy it separately. If someboy sues you for whatever reason, excluding a car accidents and intentional acts, your Renters policy pays to defend you and judgements against you.
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Old 07-29-2008, 03:51 PM
 
Location: Los Angeles, CA
236 posts, read 516,011 times
Reputation: 103
Quote:
Originally Posted by ajnsd View Post
Hey Pizzicato,

Welcome to SD. I'm a Property Field Adjuster and I'm an accredited earthquake adjuster as well, so I think I can answer your question. The short answer is NO, do not spend money on earthquake insurance. The California Earthquake Authority (CEA) Policy is the only policy you can purchase. To begin with, you do not carry a standard deductible, such as $250 or $500 as is with Renters Polices. The CEA policy carries a percentage deductible. In other words, you need a major loss to even make it worth your effort to file a claim as CEA deductibles typically range from $10,000 to $25,000. That's not a typo either.

Instead of Earthquake, you should be sure you carry enough Liability Coverage. Consider about $100K limit, at a minimum. Purchase more if you can afford it. You are more likely to be sued than sustain earthquake damage.
I have renters earthquake insurance, and I DO have a standard deductible (either $500 or $750, would have to check) through my insurance company with CEA. (My understanding is the percentage limit applies to home owners.)
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Old 11-04-2009, 12:56 PM
 
1 posts, read 2,534 times
Reputation: 11
lesallimc is correct. The deductible on renters earthquake insurance is $750. You can insure your belongings for up to $100,000. Be careful of the advice you receive on these postings. Check with the CEA.
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