Calling San Diego Homeowners (Vista, San Andreas: insurance, house, purchase)

[htnspz]

I am closing escrow next week in the Shadowridge area of Vista and I opted out of earthquake insurance on my homeowners policy. I've been here for 16 years and there hasn't been much in the way of earthquakes but was curious if most of you have earthquake insurance.

I am second guessing myself here as I'm from the Northridge area....

[MrNiceGuy06]

Sorry dude, but I would get it...you never know. Plus I know this dude that bought a house and opted out of flood insurance for the same reason, the very next year there was a week of record rain and flooding...and guess what happened???

[kettlepot]

Skip the earthquake insurance. I've lived in San Diego for over 20 years, and I have yet to feel an earthquake that has even prompted me to get out of bed when it struck. I think the greatest magnitude quake we've had has been 4.5, and I don't recall any stories about past quakes in the previous 200 years that were of any significance. Vista might be a little bit closer to the San Andreas and therefore have a slightly greater risk, but I still think it's money you don't have to spend.

So, in answer to your question, no, I don't have earthquake insurance. Plus the term on quake insurance were really bad. At least when I checked it out, it was equal in cost to fire insurance and there was 50k deductible on it. Your house would have to come down to be able to collect, and we don't get quakes that large.

[1AngryTaxPayer]

Skip it. I don't know anyone with it as the fine print usually shows it's a push or a loss to purchase it.

[esmith143]

I'd get it. It would cost you something like $20/month, but potential savings are huge.

[1AngryTaxPayer]

An earthquake covers large areas when it strikes. Minor damage can be fixed by local contractors almost always cheaper than the cost of the insurance for a few years.

Large quakes inflict enough damage that the feds come in and declare it a disaster area.

[f_m]

San Diego is fairly far from the nearest fault, but LA is much closer (on top of) some faults).
Fault Map of California

[esmith143]

Originally Posted by 1AngryTaxPayer

An earthquake covers large areas when it strikes. Minor damage can be fixed by local contractors almost always cheaper than the cost of the insurance for a few years.

Large quakes inflict enough damage that the feds come in and declare it a disaster area.

Can you be certain that "disaster area" declaration would mean free money from the government?

[htnspz]

Originally Posted by esmith143

Can you be certain that "disaster area" declaration would mean free money from the government?

I think I know what they are talking about in that Fema comes in and provides assistance. For my mom in Northridge, she did get money.

[luvSD]

I don't have earthquake insurance but I wish I did. I'm just taking chances here, hoping that I'll be OK. I have a sad feeling that if a big earthquake did hit, there would be so much damage that the insurance company might bail and I would end up with no money to rebuild anyway. Meanwhile, I would have paid them years and years of premiums. If possible maybe buys some kind of insurance to cover fire, theft, or damage by flooding.