[Acura604]

ok.. got a quote for insuring my home.. HOWEVER, as a $500 option, I can get 'earthquake insurance'.

Given all the articles and fears of "the big one will hit"... what would you guys do?

[Fafine]

500 a year? how much damage does it cover?

[Greenstoner]

i always think is it neccessary to have earthquake insurance?

when a big one hits, the insurance company is going bankrupt before they can pay you .. you recieve nothing

[Mugen EvOlutioN]

i wouldnt really worry about it to be honest

[GLOW]

I think i passed on it. i believe for the time being the rule is if your home is destroyed during an earthquake by a method that's already covered by your insurance, eg. propane pipe bursts causing a fire or water pipe bursts causing water damage, then you're covered through fire or water damage.

talk to your broker to verify though.

[HonestTea]

Interesting, a lot of people passed on Earthquake Insurance?

[Noir]

I think i passed on it. i believe for the time being the rule is if your home is destroyed during an earthquake by a method that's already covered by your insurance, eg. propane pipe bursts causing a fire or water pipe bursts causing water damage, then you're covered through fire or water damage.

talk to your broker to verify though.


Although that may be true, you're just giving Insurance Companies ammunition to deny your claim. They can argue that the real cause of the loss is Earthquake and the fire or water damage that ensues is just a resulting effect of it.

Not saying who will win or lose, but most especially in a catastrophic occurence where everyone experiences simultaneous insurance claims of that magnitude, you may very well have an insurance company that will look for every way to deny your claim to control their expense.

i always think is it neccessary to have earthquake insurance?

when a big one hits, the insurance company is going bankrupt before they can pay you .. you recieve nothing

I think insurance companies have insurance companies themselves. I think it's a mandate that they pay a fee to whatever financial body so that in the event that an insurance company goes belly up and cannot meet its financial obligations to it's claimees, that financial body will step in its place.

I'm not 100% sure but I think it goes something like that.

[4doorVIP]

I went with quake insurance, we are due for a big one anytime lol
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[Acura604]

actually... i was mistaken..the quoted policy of $1232 for the year INCLUDED earthquake protection..so i went for it. the house is too important to me to just lose in a few minutes. but I can only imagine the payout if the big one hits....