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Thread: Earth quake insurance??

  1. #1
    Distinguished Community Member jingle's Avatar
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    Default Earth quake insurance??

    Whew .... I live in a small condo and need insurance only on the INSIDE of the unit. The condo association has insurance on the outside. It's complicated.
    But here in Missouri we have that enormous New Madrid fault and when it goes it's probably going to do a lot of damage.
    With all the serious trouble in California I started to be concerned for this area ....... So I just called my insurance company to ask IF I had earthquake coverage. I didn't. Now I do ...... $83 a year for earthquake coverage for the inside of this little place. $83.00 !!!

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  3. #2
    Distinguished Community Member Earth Mother 2 Angels's Avatar
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    ((((((jingle))))))

    I pray that the New Madrid fault never produces a quake.

    Just be thankful you don't live in California! We had a 5.2 quake in 2014, and every room in our home has damage. In our neighborhood, chimneys toppled, brick fences fell, and every home sustained extensive damage, according to the many neighbors with whom I commiserated on my morning walks.

    Because we live on a fault, and we've already had a 5.2 quake, our earthquake premium would likely be close to $5,000 a year. Our home is average size, by no means a mansion. We could possibly have to fork over thousands of dollars first to meet our deductible, depending upon the extent of damage and needed repairs. That is why the majority of Californians don't have earthquake insurance.

    Here's an article about earthquake insurance:

    https://www.howmuchisit.org/earthquake-insurance-cost/

    May the ground beneath you remain still.

    Love & Light,



    Rose
    Mom to Jon, 49, (seizure disorder; Gtube; trache; colostomy; osteoporosis; hypothyroid; enlarged prostate; lymphedema, assorted mysteries) and Michael, 32, (intractable seizures; Gtube), who were born with an undiagnosed progressive neuromuscular disease and courageous spirits. Our Angel Michael received his wings in 2003. Our Angel Jon received his wings April 2019. Now, they watch over Jim and me.

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  5. #3
    Distinguished Community Member tic chick's Avatar
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    jingle ,

    i think it's wise to pay for insurance from earthquake damages if you're on a fault. as you said, if there is a quake and it's a big one and the outside of the condo is damaged, you are going to have big damage inside your apartment. what if the housing authority condemns the building and you have to live in a hotel until you find a new apartment? you're covered. it's worth the peace of mind, in my opinion. if you even have $1000 worth of damage inside your apartment, you're still only going to pay $830 over 10 years. the insurance company is betting you're not going to experience damage. you're betting you are. being on a fault is good enough reason to justify the e$tra cost of the insurance.

    i recently switched insurance companies. here in michigan, i'm not too worried about earthquake damage, but i did pay $7 extra/month ($84/year) for insurance in case my identity is stolen thru computer hacks, on my personal pc or on any website that i have an account. i have heard of people going thru hell when they have their identities stolen. there were 2 security breaches at the government agency my deceased husband worked. there also was a minor security breach at my bank. i've also heard of security breaches on shopping websites and email accounts. this is a hassle i would like to avoid at all costs, so paying the $7 month isn't going to enrich or impoverish me, but if something does happen, boy will i be glad i had that covered.

    i know what it's like to live on a budget, but i think some things are smart to have. like this.

    thank you for sharing and caring,
    jeannie
    Last edited by tic chick; 07-10-2019 at 03:25 PM.
    Here's to good women. May we know them. May we be them. May we raise them.
    "The world is a better place when you're barefoot." Mark
    "Don't go there unless you know the way back." TC
    "...there will be an answer. Let it be." Paul McCartney

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  7. #4
    Distinguished Community Member Earth Mother 2 Angels's Avatar
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    ((((((tic chick)))))) ~

    I agree with you that insurance is important and a valuable investment to have. The problem stems from the price for that investment and the return for the homeowner. In our case, if we have another 5.2 or greater, our loss could be more than we could afford, even with earthquake insurance, given the deductible.

    It would be interesting to know how many residents near the epicenter of the Searles Valley quake have earthquake insurance. I would imagine that their premiums and deductibles would be quite high, because it is a known fault, where large quakes are expected. In a remote town of 2,000 and another with 28,000 residents, the income level probably is just enough to live on. The China Lake Naval Weapons Station and Fort Irwin are located there. We know our military personnel aren't making a ton of dough.

    For millions of people, earthquake insurance isn't affordable. Many homeowner's insurance policies don't provide flood insurance, so that has to be purchased separately. What about hurricane and tornado damage? Mudslide damage? Are there policies for coverage of damage from those?

    Wouldn't it be more efficient and less costly to have one homeowner's policy, which covers anything that happens to your home?

    With Medicare, we have to buy supplemental insurance for what it doesn't cover. We're learning that it doesn't cover a lot with home health care with Jim's cancer, as is Sunshine on the MS forum, who will be having IVIg infusions at home. Hospitalization is covered, but home health is a battlefield, if you can't afford the co-pay.

    Home, medical, automobile insurance, plus the added insurance for a catastrophic disaster, ever increasing in occurrence thanks to climate change, is just too much for most people to handle financially.

    There has to be a better way. I'm not smart enough to figure out what that is. But, we're Capitalists, so we all bear the burden of the billionaires.

    Love & Light,



    Rose
    Mom to Jon, 49, (seizure disorder; Gtube; trache; colostomy; osteoporosis; hypothyroid; enlarged prostate; lymphedema, assorted mysteries) and Michael, 32, (intractable seizures; Gtube), who were born with an undiagnosed progressive neuromuscular disease and courageous spirits. Our Angel Michael received his wings in 2003. Our Angel Jon received his wings April 2019. Now, they watch over Jim and me.

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  9. #5
    Distinguished Community Member tic chick's Avatar
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    hey rose ,

    i hadn't seen your post until i posted my response. i agree with all the points you make. i wish homeowner's insurance covered everything, too.

    but alas, it doesn't. so you have to weigh the benefits vs. the costs. i empathize that you live in a state that has prolly 200 minor quakes a day. i wouldn't be able to afford earthquake insurance if i lived there. that's why earthquake insurance is so high in california. the insurance companies know, odds are you're going to have damage from an earthquake. they're betting you are, so they can charge a premium.

    i haven't heard of any serious earthquakes in missouri, where jingle is, but she is on a fault. i think for $83/year, it's worth it, just like my fear of dealing with a stolen identity is worth the $7/month. i think it's prolly more likely that i'll have my identity stolen than jingle would have major damage from an earthquake...

    i agree that climate change is going to wreak havoc in a lot of places in the usa and let's keep new orleans in our prayers as a tropical storm bears down on them with rainfall expected to be over 9 inches.

    thank you for sharing and caring,
    jeannie
    Last edited by tic chick; 07-10-2019 at 05:16 PM.
    Here's to good women. May we know them. May we be them. May we raise them.
    "The world is a better place when you're barefoot." Mark
    "Don't go there unless you know the way back." TC
    "...there will be an answer. Let it be." Paul McCartney

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  11. #6
    Distinguished Community Member jingle's Avatar
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    Thank you dear people for the responses. I appreciate them so much and I learned so much!!
    I had sent the $83 cost information to my next door neighbor and she wrote back that she didn't know if her owner's insurance for the inside covered earthquakes or not. She plans to contact them in the morning. I'm sending all the info on to her. Thank you.

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  13. #7
    Distinguished Community Member jingle's Avatar
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    My little condo is on a hillside and I think it's far from anything that can cause a flood -- I hope so! But, don't odd things, not just a flood, cause water damage?

    And I've never before heard of insurance coverage for financial stuff. Several years ago I did have my identity stolen and owed two credit card companies enormous amounts. I didn't know what to do so I just went to my bank. What good people! They immediately cancelled all I had there and issued new. They told me to get to the police station and report this. I did -- and the local police were kind, fast and concerned. As the bank told me to do, I called the company that has my credit card, all insurance and some other stuff. They cancelled everything and issued new accounts.
    Nothing was easy but it all ended with me owing nothing and not being charged a dime for all the new checks, cards, everything. I didn't owe the two credit cards I'd never even heard of. But now my name and information are locked tight.
    That sounds good and does have many advantages but now getting any sort of credit is almost impossible. I tried to buy an expensive vacuum at Sears and could get an enormous discount if I opened a credit account. We tried for a half hour and could not get it done - no credit for me. When I tried to buy something expensive at another store they would give me enormous discount if I opened a charge card. Their first, second and third attempt failed to open an account for me, but they kept working and finally managed to get it done.

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