house related-earthquake insurance

abvernon

DH and I are considering getting it. Do you have it? If so, how much are your premiums?

If don't-why?

Just curious.....

TIA

Mrs.BoomBoom

We don't.  It's so expensive and we figure the chances of having to use the insurance (and not also having fire damage which would be insured anyway) is very slim and FEMA would help out with loans in a catastrophe.

CarFar

We don't either. It was a couple thousand a year AND has usually about a 15% deductible, with FEMA doesn't seem worth it.

PinkHighlighter

We do.  We pay $1700/year but there was a cheaper $1250 option.  I'm not counting on FEMA but deductible is quite large (like 10-15%) but, to me, better than counting on FEMA or having to rebuild everything.  In the end, we can afford it, and it's peace of mind.

PinkHighlighter

PinkHighlighter:

We do.  We pay $1700/year but there was a cheaper $1250 option.  I'm not counting on FEMA but deductible is quite large (like 10-15%) but, to me, better than counting on FEMA or having to rebuild everything.  In the end, we can afford it, and it's peace of mind.

Oh, also, we live on a hill, really close to a fault.  In a house built in the 1950s.  It's lasted so far, but I feel our risk for it getting totaled in The Big One is pretty high.

MrsJulieT

Mrs.BoomBoom:

We don't.  It's so expensive and we figure the chances of having to use the insurance (and not also having fire damage which would be insured anyway) is very slim and FEMA would help out with loans in a catastrophe.

I'm curious...if you had fire damage as a result of an earthquake would it still be covered under normal home owners insurance?

Structenggal

MrsJulieT:

Mrs.BoomBoom:

We don't.  It's so expensive and we figure the chances of having to use the insurance (and not also having fire damage which would be insured anyway) is very slim and FEMA would help out with loans in a catastrophe.

I'm curious...if you had fire damage as a result of an earthquake would it still be covered under normal home owners insurance?

I don't think so. I think that they will say that the ultimate cause of the damage was the earthquake, that the earthquake caused the fire, and so therefore the damage isn't covered.

Mrs.BoomBoom

MrsJulieT:

Mrs.BoomBoom:

We don't.  It's so expensive and we figure the chances of having to use the insurance (and not also having fire damage which would be insured anyway) is very slim and FEMA would help out with loans in a catastrophe.

I'm curious...if you had fire damage as a result of an earthquake would it still be covered under normal home owners insurance?

When I lived in my apartment, the agent actually joked that I should leave a candle burning if I had to evacuate after an earthquake so I'd be covered by fire (not EQ)

PinkHighlighter

MrsJulieT:

Mrs.BoomBoom:

We don't.  It's so expensive and we figure the chances of having to use the insurance (and not also having fire damage which would be insured anyway) is very slim and FEMA would help out with loans in a catastrophe.

I'm curious...if you had fire damage as a result of an earthquake would it still be covered under normal home owners insurance?

It might depend on your policy, but our regular homeowners would cover a fire damage as a result of an earthquake.