Earthquake insurance in Anchorage (tornado, deductible, costs)

[Dakster]

I agree --

Although, It already is one gigantic mess --- Citizens keeps raising rates and lowering coverage, but now they say they have a $6.2 Billion surplus. Yes, that is with 'B'. So instead of lowering or keeping rates the same, they are going to 'lend' the money out to private insurance companies so they can take over policies and if the 'big one' hits, the loans are forgiven...

If Alaska has figured out a way to make EQ insurance work, I am all ears - maybe we can send it to the Florida legislature on how to implement it for Hurricane Insurance.

Ohh and Andrew wasn't 'the big one' either... Still waiting for that storm to come roaring thru. Andrew was a small storm, didn't have the storm surge of a Cat 5, and the eyewall didn't even hit downtown Miami. If it would have, the damage would have been ten fold.

[Mathguy]

Originally Posted by Dakster

I agree --

Although, It already is one gigantic mess --- Citizens keeps raising rates and lowering coverage, but now they say they have a $6.2 Billion surplus. Yes, that is with 'B'. So instead of lowering or keeping rates the same, they are going to 'lend' the money out to private insurance companies so they can take over policies and if the 'big one' hits, the loans are forgiven...

If Alaska has figured out a way to make EQ insurance work, I am all ears - maybe we can send it to the Florida legislature on how to implement it for Hurricane Insurance.

Ohh and Andrew wasn't 'the big one' either... Still waiting for that storm to come roaring thru. Andrew was a small storm, didn't have the storm surge of a Cat 5, and the eyewall didn't even hit downtown Miami. If it would have, the damage would have been ten fold.

I hate to be the bearer of bad news but if even another Andrew hits, citizens 6.2billion is going to disappear like a fart in the wind.

They are currently the largest property insurer in the state and they are:

a) self-admitted writing at below adequate rates.
b) On a risk adjusted basis are insuring a HUGE % of property as they have most of their insureds in coastal high-risk areas.

Thats the brutal truth, the actuary for citizens goes to the legislature, tells them the rates aren't enough and.......they vote to keep rates the same.

You have to have a MONSTEROUS surplus to prepare for a really bad year. Do you know how much Andrew cost wayyyyy back then? It was like 40B, yes BILLION.

[equinox1]

I met with my agent today to do the preliminary work. I'm with SF and probably can't easily switch since I had a claim last year from a tornado. It's been my only claim in 30+ yrs. She's not sure if they are offering it.

I've wondered what good it would do since I only have the inside of condo covered. I'll wait for the price next week and will let you know the quote.

[Mathguy]

Originally Posted by equinox1

I met with my agent today to do the preliminary work. I'm with SF and probably can't easily switch since I had a claim last year from a tornado. It's been my only claim in 30+ yrs. She's not sure if they are offering it.

I've wondered what good it would do since I only have the inside of condo covered. I'll wait for the price next week and will let you know the quote.

If the number looks bad, consider checking in with an independent agent might be worth your time and $$$. They should be able to match you up and know the marketplace.

I don't know what the environment is in AK, their dept. of insurance has a reputation of being difficult to work with. There are a couple states like that in the US and as a result those states tend to have fewer insurance options.

[bongo]

The best earthquake insurance I had in Anchorage- & we have had quite a few shakes- is that blue sticky stuff that one can put under all one's knicknacks to keep stuck to the shelf!

[Dakster]

Originally Posted by bongo

The best earthquake insurance I had in Anchorage- & we have had quite a few shakes- is that blue sticky stuff that one can put under all one's knicknacks to keep stuck to the shelf!

Blue Sticky Stuff?

Painters Tape?

How about rubber cement?

---

MathGuy - What is the solution to the Insurance crisis? (Not only in Florida, but nationwide) It seems like everywhere has some sort of natural disaster waiting to happen. Whether it is EQ's, Hurricanes, Tornadoes, Floods, or wild fires. In AK can you have a mortgage WITHOUT EQ insurance? In Florida you cannot have a Mortgage without Windstorm (Hurricane) coverage -

[globetraveler]

Originally Posted by Dakster

MathGuy - What is the solution to the Insurance crisis? (Not only in Florida, but nationwide) It seems like everywhere has some sort of natural disaster waiting to happen. Whether it is EQ's, Hurricanes, Tornadoes, Floods, or wild fires. In AK can you have a mortgage WITHOUT EQ insurance? In Florida you cannot have a Mortgage without Windstorm (Hurricane) coverage -

In my experience, a lender does not require earthquake insurance for a mortgage in Alaska. Most people I know don't carry it. In fact, when we were getting our mortgage, I asked the question and kind of got the deer in the headlights look.

[bongo]

Originally Posted by Dakster

Blue Sticky Stuff?

Painters Tape?

How about rubber cement?

---

MathGuy - What is the solution to the Insurance crisis? (Not only in Florida, but nationwide) It seems like everywhere has some sort of natural disaster waiting to happen. Whether it is EQ's, Hurricanes, Tornadoes, Floods, or wild fires. In AK can you have a mortgage WITHOUT EQ insurance? In Florida you cannot have a Mortgage without Windstorm (Hurricane) coverage -

putty.... kinda like this:
QUAKE SECURE® EARTHQUAKE PUTTY -- Sunset Enterprises

[Dakster]

I learn something new everyday.

[Chelito23]

I totally agree with most of these posts. EQ insurance is astronomically expensive and it only covers catostrophic type damage to the structure, caused by shaking. Chances are, most homes will survive a major quake (structurally). Most damage will be from the inside contents being tossed around and broken, collapsed chimneys (comming thru the roof), shattered windows...cracks in drywall, etc...so add all that up and you could probably save up on your own what it would cost to repair that tpye of damage just by squirreling away what an insurance company would have charged you over 5 years. The pro is, you won't have to pay a deductible when the big one hits. Likewise, the earthquake puddy, straps on appliances and braces for hanging objects work wonders and are cheap. So, the EQ insurance really is unecessary in most cases, unless you anticipate your house essentially collpasing. And remember, if it is knocked of it's foundation or there are structural issues regarding it settling after the quake-that isn't covered either.