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Replies (5)
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
When you bought the home, did the mortgage lender insist on earthquake insurance? It really depends on your mortgage, lenders require it,because they are sharing the investment cost of the home with you. If , however you are paid off, I would say its your choice. Call your lender.
- wetdawgs
- Contributions:26833
Seattle is in an area close to the large fault in the Pacific Ocean, with potential similar to the recent Japanese earthquake with the tsunami. Of course, most of Seattle would miss the tsunami. (I wonder if tsunami damage is covered by earthquake insurance).
To compliment what Sunnyview provided, here is a useful link to the USGS information for Washington on Earthquakes.
To compliment what Sunnyview provided, here is a useful link to the USGS information for Washington on Earthquakes.
- Eric Kossian, "InsurePro"
- Contributions:29
Earthquake insurance is not required by any lenders I know of, unlike "fire" insurance and flood insurance, which have higher likelyhoods of causing statiscially calcuable damage. That is the problem with earthquakes - they happen so infrequently - about every 500 yrs on the pacific plate, that calculating the statisical likelyhood is difficult, even when scientists say we are "due" to have one soon. Earthquake damage also is highly varied as it depends on construction type and age of the home (older homes were not originally attached to the foundation and must be retrofitted - not too costly). Frame construction does well whereas, masonary construction, especially older unjoisted masonary - think old brink building - does not do well in earhtquakes. And finally, risk of damage has to do with where exactly your home is - specifically is your house built on original "solid" ground or is it on any type of fill (either lowlying natural fill or manmade - even "engineered" fill.) In my opinion, if you are on fill you should get earthquake insurance.
Earthquake insurance is not available by every carrier - some refuse to offer in in higher risk areas like Seattle. Most do but have a whopping 15% deductible ($300,000 replacement cost of house = $45,000 deductible; $500,000 replacement cost has a $75,000 deductible.) There is also
available a standalone earthquake policy that many of my Seattle customers like; some get it by itself and others get it in addition to regular earthquake insurance - which either comes as an endorsement on your home policy or as a separate policy. The standalone policy has only a $1000 (you heard me right!) deductible, which makes it much more accessible after an earthquake than a 15% deductible. The catch - it only pays up to $50,000 of damages. So some buy both to and use the standalone to cover all or part of the regular earthquake deductible. Cost in Seattle for the standalone? - under $500 per year.
Earthquake insurance is not available by every carrier - some refuse to offer in in higher risk areas like Seattle. Most do but have a whopping 15% deductible ($300,000 replacement cost of house = $45,000 deductible; $500,000 replacement cost has a $75,000 deductible.) There is also
available a standalone earthquake policy that many of my Seattle customers like; some get it by itself and others get it in addition to regular earthquake insurance - which either comes as an endorsement on your home policy or as a separate policy. The standalone policy has only a $1000 (you heard me right!) deductible, which makes it much more accessible after an earthquake than a 15% deductible. The catch - it only pays up to $50,000 of damages. So some buy both to and use the standalone to cover all or part of the regular earthquake deductible. Cost in Seattle for the standalone? - under $500 per year.
- Joe Hoppis, "Joe Hoppis"
- Contributions:18
Great article. Like any insurance you don't need it until you do.
Is earth quake insurance necessary in Seattle?
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