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Old 02-19-2012, 07:39 PM
 
114 posts, read 776,689 times
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So I just finished watching a show about the San Andreas Fault; geologists predict there is a 99.9% chanch that in the next 30 years California will have a major, catastrophic earthquake. I am no expert, but I do have a background in geology and I believe the evidence that supports this statement.

My question is, who has earthquake insurance and what does it cover? Is it worth it? I know it is expensive. My wife and I have put an offer in on a short sale house in Southern California, it's been 5 weeks, so hopefully we will hear something soon. In the next few months I'll be buying home owner's insurance and wondering if I should add on earthquake too.

Thanks for any input.
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Old 02-19-2012, 09:02 PM
 
Location: So Ca
26,580 posts, read 26,445,339 times
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See: //www.city-data.com/forum/calif...insurance.html

and another earlier thread about it: //www.city-data.com/forum/calif...surance-2.html
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Old 02-19-2012, 09:47 PM
 
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Quote:
Originally Posted by Mmiller741 View Post
So I just finished watching a show about the San Andreas Fault; geologists predict there is a 99.9% chanch that in the next 30 years California will have a major, catastrophic earthquake.
They said that 30 years ago too.
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Old 02-20-2012, 02:01 AM
 
Location: so cal
1,110 posts, read 2,458,542 times
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Had it for a couple years and dropped it. I think I paid around $500 a year but it had a $30,000.00 deductabile.
With the crash in home value I told the wife if the big one hits and our house is totaled, were walking.
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Old 02-20-2012, 02:06 AM
 
Location: Declezville, CA
16,806 posts, read 39,760,092 times
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I'm ~10 miles from the SAF. I don't carry it because the land underneath me is worth so much more than the house. If this 70-year-old house crumbles, I'll sell the land to a commercial interest and fulfill my plan of living out my days in the high desert.
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Old 02-20-2012, 06:03 PM
 
Location: SoCal
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We carry it on our condo for $250/year (that might be per half-year) from the CEA. San Diego doesn't have a very high earthquake danger. Thing is, our complex is built on a mix of bedrock and fill. Those are the buildings most likely to suffer damage. And if any one building in the complex gets damaged, we all get assessed for repairs not covered by the association's earthquake coverage.
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Old 02-20-2012, 06:51 PM
 
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You'd be surprised how quickly many little things can add up to 30K (or whatever deductible). That is the main actual risk for the typical wood frame home with reasonable seismic strengthening. With current labor rates we feel we must have this type of insurance.

This is based on actually experiences of people I knew at the time of the '89 quake.
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Old 02-21-2012, 08:36 PM
 
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BayAreaHillbilly,

That was my thinking. Even though the deductible is huge, I can find 30K a lot easier than replacing or buying a new house. Stuff to ponder. Thanks.
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Old 02-22-2012, 11:59 AM
 
12,823 posts, read 24,279,764 times
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Quote:
Originally Posted by Mmiller741 View Post
BayAreaHillbilly,

That was my thinking. Even though the deductible is huge, I can find 30K a lot easier than replacing or buying a new house. Stuff to ponder. Thanks.
Someone we know had a number of cabinets fall over from the '89 quake, there were antiques, fine china and stem ware, etc. That alone added up to about 20K!
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