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Old 12-25-2007, 02:05 PM
 
Location: Tucson
42,837 posts, read 78,750,488 times
Reputation: 22814

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Do any of you buy earthquake rider here in Tucson...? If you do, how expensive is it? I'm thinking of bypassing it. Just looked at the history of earthquakes in AZ - there's been only one in Tucson, 1888, http://www4.nau.edu/geology/aeic/EQhistory.html. Granted, never thought of this before, but being solely responsible makes a difference. I know I can be paranoid... Am I being too paranoid?!

I posted another topic in the "House" forum, but if anybody would like to share experience here, I'd appreciate it.

Do any of you have guaranteed replacement cost coverage (of the structure)? From what I'm reading, it's supposedly offered. The companies I've talked with so far are saying they're not offering it anymore. It appears the best you can get is an extended replacement cost policy paying an extra 20 or 25% above the limits. Do these policies include inflation guard (automatically adjusting the dwelling limit at renewal time to reflect current construction costs) or is that a separate item?

I can get guaranteed replacement only with MetLife, but their track record of handling claims is not particularly impressive (and no agent in town). Nobody else's really is, short of some that insure only 1/2 (or even 1) mil+ houses... Even these policies apparently don't pay for the extra expense of rebuilding to code.

Now I'm reading that some insurance companies offer an Ordinance or Law endorsement that pays a specified amount toward these costs. Is anybody familiar with it? Is it very expensive? If you have it, which company is your home insured with?

Last edited by sierraAZ; 12-25-2007 at 02:09 PM.. Reason: addition
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Old 12-27-2007, 07:31 AM
 
Location: 602/520
2,441 posts, read 6,094,334 times
Reputation: 1815
Why in the world would you need earthquake insurance in Tucson?

The greatest risk (albeit extremely small) for a damaging earthquake in Arizona is in the Yuma area.

I think it would be a waste of money but if it would make you feel secure, by all means, go for it.
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Old 12-27-2007, 07:59 AM
 
Location: Tucson
42,837 posts, read 78,750,488 times
Reputation: 22814
Quote:
Originally Posted by miamiman View Post
Why in the world would you need earthquake insurance in Tucson?

The greatest risk (albeit extremely small) for a damaging earthquake in Arizona is in the Yuma area.

I think it would be a waste of money but if it would make you feel secure, by all means, go for it.
Just polling opinions... Nah, it really doesn't make sense, at least as far as Mother Nature's activity...

Guess I already found out nobody offers guaranteed replacement anymore. The best so far seems to be Amica with 30% cap, but they have no office or brokers here and I prefer that.
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Old 12-27-2007, 10:27 AM
 
Location: Southern Arizona
9,367 posts, read 26,495,715 times
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Quote:
Originally Posted by sierraAZ View Post
Just polling opinions... Nah, it really doesn't make sense, at least as far as Mother Nature's activity....
With "Mother Nature's activity" in mind, SierraAZ . . . in many areas FLOOD INSURANCE would make more sense.
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Old 12-27-2007, 11:26 AM
 
Location: Tucson
42,837 posts, read 78,750,488 times
Reputation: 22814
Quote:
Originally Posted by Bummer View Post
With "Mother Nature's activity" in mind, SierraAZ . . . in many areas FLOOD INSURANCE would make more sense.
Yeah, we've talked about it before.
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