Earthquake insurance in Anchorage (Fairbanks: condo, homes, neighborhood)

[equinox1]

I'm buying a condo east of the U off Boniface. I'd expected all Anchorage condo assns to have earthquake insurance, but have found that's not the case. It seems almost pointless to buy it as an individual. I've looked at maps and it is in a zone 2 or 3 with moderate or moderately low ground failure sususceptibility and it is a frame building. I was in Fairbanks for the 2002 Denali Fault quake and hope to never be in a bigger one.

So, if you live in Anchorage, do you have earthquake insurance?

[AADAD]

It may be hard to find. State Farm was the only insurance company which was offering it.

[AKStafford]

I live in the Valley and we use Country for our insurance. They offered earthquake insurance, but it was quite a bit extra of basic home insurance.

[globetraveler]

Originally Posted by equinox1

So, if you live in Anchorage, do you have earthquake insurance?

I'm out in the valley, so it's not quite Anchorage. However, I do have earthquake insurance through USAA. It's an additional 600 or so per year. The policy has a 10% deductible, so there has to be major damage before it kicks in.

[cuatro01]

I have earthquake insurance through Allstate.

[Dakster]

Originally Posted by globetraveler

I'm out in the valley, so it's not quite Anchorage. However, I do have earthquake insurance through USAA. It's an additional 600 or so per year. The policy has a 10% deductible, so there has to be major damage before it kicks in.

Sounds like Hurricane Insurance here.

[Moose Whisperer]

Originally Posted by cuatro01

i have earthquake insurance through allstate.

+1

[AK-Cathy]

I have earthquake insurance through Allstate.

Say what? Our earthquake insurance through Allstate was cancelled about 5 years ago. We had it for at least 6 years and then got the letter saying that it would not be renewed at the end of the policy. We inquired and they said that they weren't offering it in AK any more. Was it our neighborhood (Westchester) or do we need a new agent?

[equinox1]

Thanks. I'll ck with my home owner's, State Farm. Just wondered if people thought about risk vs benefit. Interesting some companies won't cover. I've spent the winter's in Dixie Alley and I already know lots of people (including me) who've had damage from tornadoes and I spent >30 years in AK and no one I know has had a claim from earthquakes.

[AK-Cathy]

We decided to get earthquake insurance after we saw interior photos of one of the California quakes in the 90s. Even with little to no structural damage to the buildings, the interiors of those homes were completely tossed with significant damage to the contents. Since we had very good antique furniture, crystal/china, vintage pottery and artwork and lived in a vulnerable area we thought it wise to have the coverage before we were summarily cancelled. However if memory serves our deductible was so high that it would have taken a rather large quake that would have likely caused structural damage to make the extra insurance pay off. It seemed like a good idea at the time and given the area of Anchorage that we were living in at the time but IMO it was probably a waste of money on hindsight. We've since downsized to a small and sturdy 64 earthquake survivor, pared our belongings and will self insure in case of earthquake.

Frankly I've begun to view homeowner's insurance as a semi-necessary "racket". If we could pay a much smaller premium for catastrophic loss/liability alone with a hefty deductible in the neighborhood of 20K, we'd do it because if you make a claim, they are going to make it difficult to get coverage on another home (you're considered high risk afterward) so why bother with the smaller stuff at all? When we asked about that, the difference in premium was not enough to do it.

Anecdotal story about insurance claims: About 7 years ago a co-worker bought a condo in Palm Springs. They had a terrible time getting the required homeowner's insurance because two years prior to the purchase they made a $200 claim on a stolen laptop computer on their primary homeowner's insurance policy. The loss was covered but they were declined coverage by a number of insurance companies for their condo as a result. The situation substantially held up closing and they almost lost their earnest money. When I related that story to our agent he was not in the last surprised, in fact he said that it was a fairly common experience. Like I said, racket.

My distrust of multi-national corporations to really have you in "good hands" aside, good luck with your search for the coverage.