Seattle (or in earthquake prone areas) house owners

[BehindEnemyLines]

The only house insurance we don't currently have is earthquake. A quote we got was approximately $500 annually.

* Purchased in 2000 for 165K, still on mortgage, current appraisal is about 360K
* Built in the 1940s, all new electrical systems
* Renovated in 2000 from prior owner (new roof trusses on some parts)
* Not retrofitted currently

Would the insurance be for the 165K or 360K (appraised value)? A 15% deductible on the former is a lot less.

What are your reasons for having one or not having one?

 

[Mackie2k]

Originally posted by: BehindEnemyLines
The only house insurance we don't currently have is earthquake. A quote we got was approximately $500 annually.

* Purchased in 2000 for 165K, still on mortgage, current appraisal is about 360K
* Built in the 1940s, all new electrical systems
* Renovated in 2000 from prior owner (new roof trusses on some parts)
* Not retrofitted currently

Would the insurance be for the 165K or 360K (appraised value)? A 15% deductible on the former is a lot less.

What are your reasons for having one or not having one?

For $50 a month, it's worth it. It's just a matter of when, not if.

 

[zzuupp]

Your profile says Seattle. When was the last destructive earthquake there? My guess is around Mt. St. Helen's time.
If you can't sleep without it, then buy it. Otherwise, but thouse $$$ into savings

 

[Mackie2k]

Originally posted by: zzuupp
Your profile says Seattle. When was the last destructive earthquake there? My guess is around Mt. St. Helen's time.
If you can't sleep without it, then buy it. Otherwise, but thouse $$$ into savings

We had a 6.8 back about 8 years ago....it's only a matter of time before a big one pops.

http://seattlepi.nwsource.com/quake/

Did about 2 billion in damage.

 

[SarcasticDwarf]

If the $50/mo is not going to be noticeable then get it.

 

[runzwithsizorz]

When I lived in southern Cal. I thought about getting earthquake insurance. My premiums would have been nearly $800, and the deductible would have added up to around $40.000.
So I'm thinking my house would have to sustain at least $100.000+ in damage to make it worthwhile, and if my house had that much damage, I can only imagine what the rest of the city would look like, half of it under water, the other half in ruins. The insurance companies would be on the hook for,---- for, HEY! where did they go? I thought you were a good neighbor?
Hello, this is your claims center in New Delhi, what your problem is?

 

[Deeko]

Seattle is 'earthquake prone'?

 

[MotionMan]

Originally posted by: runzwithsizorz
When I lived in southern Cal. I thought about getting earthquake insurance. My premiums would have been nearly $800, and the deductible would have added up to around $40.000.
So I'm thinking my house would have to sustain at least $100.000+ in damage to make it worthwhile, and if my house had that much damage, I can only imagine what the rest of the city would look like, half of it under water, the other half in ruins. The insurance companies would be on the hook for,---- for, HEY! where did they go? I thought you were a good neighbor?
Hello, this is your claims center in New Delhi, what your problem is?

I look at earthquake insurance like you should look at medical insurance - it is for catastrophes.

Earthquake insurance has high deductibles because it is designed to only kick in when your house is basically a total loss. If your house is a total loss, then government funds will show up for the disaster and cover most, if not all, of your deductible.

I live in So. Cal. and I have earthquake insurance.

also, in tough times, insurance is the first thing people think about giving up and is the last thing they should.

MotionMan