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~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE

 
Azila
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08/25/2011 09:11 AM
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~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I live in Va. Was watching the news last night and they were showing condemned homes and cars that had been totaled by the quake.

They interviewed an insurance adjuster who said no one really has Earthquake insurance on the east coast and none of this damage would be covered.

He suggested seeking help from the federal Gov't.

WTH?????

Last Edited by Azila on 08/25/2011 09:13 AM
.....And Grace will lead me home.
Azila (OP)

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08/25/2011 09:15 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
They even said, once the house is condemned, the occupants could not go back in the home to retrieve items. One house in particular was on Main st. in Culpepper. Said it would be torn down today. I'm guessing with contents inside.
.....And Grace will lead me home.
Anonymous Coward
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08/25/2011 09:17 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I'm in the Midwest, not really a quake area either. I checked our quake coverage a couple of years ago, in 2009, and we did have some, but with a $40k deductible. I had them lower that to $20k (for an additional charge to our premium). Now I feel pretty smart, because it's hard to even GET quake coverage here now. Not that it'd be easy to cough up $20k, but waaay easier than coughing up double that amount.
Azila (OP)

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08/25/2011 09:20 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I'm in the Midwest, not really a quake area either. I checked our quake coverage a couple of years ago, in 2009, and we did have some, but with a $40k deductible. I had them lower that to $20k (for an additional charge to our premium). Now I feel pretty smart, because it's hard to even GET quake coverage here now. Not that it'd be easy to cough up $20k, but waaay easier than coughing up double that amount.
 Quoting: Anonymous Coward 1515848


Yeah, I really need to do my homework on this now...It's something I never even thought about, living in Virginia.
.....And Grace will lead me home.
Anonymous Coward
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08/25/2011 09:20 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Agenda 21 anybody
Anonymous Coward
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08/25/2011 09:30 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I'm in the Midwest, not really a quake area either. I checked our quake coverage a couple of years ago, in 2009, and we did have some, but with a $40k deductible. I had them lower that to $20k (for an additional charge to our premium). Now I feel pretty smart, because it's hard to even GET quake coverage here now. Not that it'd be easy to cough up $20k, but waaay easier than coughing up double that amount.
 Quoting: Anonymous Coward 1515848


That deductible is insane. I have eq insurance here in the midwest and my deductible covers everything in my policy.

I did however, receive a letter from the insurance company last year notifying me that due to the fact that I have EQ coverage, they were raising my rate to cover that portion. It didn't raise much but I did think the letter was odd.
Anonymous Coward
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08/25/2011 09:31 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Yeah, I really need to do my homework on this now...It's something I never even thought about, living in Virginia.
 Quoting: Azila


It was in 2009 that I noticed a distinct uptick in quakes. So I started paying attention to USGS stats for the U.S. By the end of 2010 those stats looked like this:

[link to tinypic.com]

Doesn't take a rocket scientist to see where that curve is heading - up, up and away!
Anonymous Coward
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08/25/2011 09:36 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Once there is a earthquake with a magnitude of 4.0 or greater within 500 miles, the insurance companies place a 30 day moriatorium on adding or changing earthquake coverage.

Earthquake is excluded on most standard homeowners and commercial property policies but can be added back on for an additional cost depending on the building's construction, value and proximity to a known fault line.

Here is a copy of an alert that we received from one of the insurance companies we represent (I work for a large insurance broker):

Earthquake Alert - Suspension of Binding Authority for DC, GA, IN, KY, MD, MI, NC, OH, PA, SC, TN, VA, WV

On August 23, 2011 at 2:00 p.m. (EDT) there was an earthquake of 5.9 magnitude in Virginia. As indicated in the ***** Agency Agreement, Section E, "The agent shall have no authority for a period of 30 days immediately following any earthquake with a magnitude of 4.0 or greater to bind, add or amend earthquake coverage on any new or already insured risk located within 500 miles of the earthquake's epicenter."

So, if you don't already have it, you can't get it.

A similar situation applies with flood insurance. There is a 30 day waiting period after you apply for coverage until the coverage actually begins (with certain exceptions).

Hope this helps! hf
Azila (OP)

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08/25/2011 09:38 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Yeah, I really need to do my homework on this now...It's something I never even thought about, living in Virginia.
 Quoting: Azila


It was in 2009 that I noticed a distinct uptick in quakes. So I started paying attention to USGS stats for the U.S. By the end of 2010 those stats looked like this:

[link to tinypic.com]

Doesn't take a rocket scientist to see where that curve is heading - up, up and away!
 Quoting: Anonymous Coward 1515848


CRAP! Had no idea it rose so sharply!!

Last Edited by Azila on 08/25/2011 09:39 AM
.....And Grace will lead me home.
Azila (OP)

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08/25/2011 09:42 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Once there is a earthquake with a magnitude of 4.0 or greater within 500 miles, the insurance companies place a 30 day moriatorium on adding or changing earthquake coverage.

Earthquake is excluded on most standard homeowners and commercial property policies but can be added back on for an additional cost depending on the building's construction, value and proximity to a known fault line.

Here is a copy of an alert that we received from one of the insurance companies we represent (I work for a large insurance broker):

Earthquake Alert - Suspension of Binding Authority for DC, GA, IN, KY, MD, MI, NC, OH, PA, SC, TN, VA, WV

On August 23, 2011 at 2:00 p.m. (EDT) there was an earthquake of 5.9 magnitude in Virginia. As indicated in the ***** Agency Agreement, Section E, "The agent shall have no authority for a period of 30 days immediately following any earthquake with a magnitude of 4.0 or greater to bind, add or amend earthquake coverage on any new or already insured risk located within 500 miles of the earthquake's epicenter."

So, if you don't already have it, you can't get it.
A similar situation applies with flood insurance. There is a 30 day waiting period after you apply for coverage until the coverage actually begins (with certain exceptions).

Hope this helps! hf
 Quoting: Anonymous Coward 755417


Holy Cow....
Can't get it for atleast 30 days??

And the 500 mile limit when this quake was felt all the way to Canada?? Yikes
.....And Grace will lead me home.
Anonymous Coward
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08/25/2011 10:06 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
and most don't pay at all if the eq is rated under a 7.0M which is why you see so many get downgraded immediately after initial quake, so they don't have to pay.

IRIS had it listed at a 7.1 for months but they downgraded it to a 6.8. I have been in a 6.7 that was much closer to the epicenter and even I estimated it at the time of the eq to be a 7.
DonHeau

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08/25/2011 10:11 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Wow. Damn. I hadn't thought about this.

I need to check my insurance policy.
We opened doors by thinking.
Azila (OP)

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08/25/2011 10:17 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
and most don't pay at all if the eq is rated under a 7.0M which is why you see so many get downgraded immediately after initial quake, so they don't have to pay.
IRIS had it listed at a 7.1 for months but they downgraded it to a 6.8. I have been in a 6.7 that was much closer to the epicenter and even I estimated it at the time of the eq to be a 7.
 Quoting: Anonymous Coward 1519950


You've got to be kidding me???

I don't believe people on the East Coast are even aware of this.....

Last Edited by Azila on 08/25/2011 10:20 AM
.....And Grace will lead me home.
Anonymous Coward
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08/25/2011 10:23 AM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Once there is a earthquake with a magnitude of 4.0 or greater within 500 miles, the insurance companies place a 30 day moriatorium on adding or changing earthquake coverage.

Earthquake is excluded on most standard homeowners and commercial property policies but can be added back on for an additional cost depending on the building's construction, value and proximity to a known fault line.

Here is a copy of an alert that we received from one of the insurance companies we represent (I work for a large insurance broker):

Earthquake Alert - Suspension of Binding Authority for DC, GA, IN, KY, MD, MI, NC, OH, PA, SC, TN, VA, WV

On August 23, 2011 at 2:00 p.m. (EDT) there was an earthquake of 5.9 magnitude in Virginia. As indicated in the ***** Agency Agreement, Section E, "The agent shall have no authority for a period of 30 days immediately following any earthquake with a magnitude of 4.0 or greater to bind, add or amend earthquake coverage on any new or already insured risk located within 500 miles of the earthquake's epicenter."

So, if you don't already have it, you can't get it.

A similar situation applies with flood insurance. There is a 30 day waiting period after you apply for coverage until the coverage actually begins (with certain exceptions).

Hope this helps! hf
 Quoting: Anonymous Coward 755417


u can call what u want, but they know something u don't and it's called agenda 21 and depopulation and huge natural disasters that your mouth and obedience training will not save u from.
Anonymous Coward
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08/25/2011 12:03 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I'm in the Midwest, not really a quake area either. I checked our quake coverage a couple of years ago, in 2009, and we did have some, but with a $40k deductible. I had them lower that to $20k (for an additional charge to our premium). Now I feel pretty smart, because it's hard to even GET quake coverage here now. Not that it'd be easy to cough up $20k, but waaay easier than coughing up double that amount.
 Quoting: Anonymous Coward 1515848


im in the midwest too.. i have eq and volcano insurace,,,, the deductable isnt out of pocket, they just take it off the top before they cut you a check
Anonymous Coward
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08/25/2011 12:20 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
and most don't pay at all if the eq is rated under a 7.0M which is why you see so many get downgraded immediately after initial quake, so they don't have to pay.

IRIS had it listed at a 7.1 for months but they downgraded it to a 6.8. I have been in a 6.7 that was much closer to the epicenter and even I estimated it at the time of the eq to be a 7.
 Quoting: Anonymous Coward 1519950


This is not correct. In the earthquake coverage form, the term "earth movement" is specifically defined. There is NO mention of the magnitude of the quake anywhere in any of the "earth movement" forms I've ever used both on homeowners policies or commercial property policies here in the U.S.

The deductible for "earth movement" coverage can either be a dollar amount or a percentage of the limit of insurance you have.

The "earth movement" endorsement may also contain exclusions such as:
1. exterior masonry veneer
2. flood (think tsunami or tidal wave)
3. land to fill in gaps or holes caused by the quake.

It's best to either read your policy or consult with an insurance professional you trust.
Azila (OP)

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08/25/2011 12:36 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
and most don't pay at all if the eq is rated under a 7.0M which is why you see so many get downgraded immediately after initial quake, so they don't have to pay.

IRIS had it listed at a 7.1 for months but they downgraded it to a 6.8. I have been in a 6.7 that was much closer to the epicenter and even I estimated it at the time of the eq to be a 7.
 Quoting: Anonymous Coward 1519950


This is not correct. In the earthquake coverage form, the term "earth movement" is specifically defined. There is NO mention of the magnitude of the quake anywhere in any of the "earth movement" forms I've ever used both on homeowners policies or commercial property policies here in the U.S.

The deductible for "earth movement" coverage can either be a dollar amount or a percentage of the limit of insurance you have.

The "earth movement" endorsement may also contain exclusions such as:
1. exterior masonry veneer
2. flood (think tsunami or tidal wave)
3. land to fill in gaps or holes caused by the quake.

It's best to either read your policy or consult with an insurance professional you trust.
 Quoting: Anonymous Coward 755417


Are you on the west coast? I never even remember it being mentioned when I got insurance on my house. (I'm East coast)
.....And Grace will lead me home.
Pangn

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08/25/2011 04:05 PM

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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
And you have to wait 30 days from the day of a major event to get coverage.

[link to www.wcyb.com]
SmartestOne

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08/25/2011 04:08 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Agenda 21 anybody
 Quoting: Anonymous Coward 1519858



BINGO!

AC hits the nail right on the head, and everybody on this thread ignores it. WTF?
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Crystallarium

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08/25/2011 04:09 PM

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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I have had earthquake insurance since the 80's when ne ohio had that relatively big quake. Some insurers don’t write for it. I wouldn't be without it now
Azila (OP)

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08/25/2011 04:10 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Is hurricane coverage the same?
.....And Grace will lead me home.
Poster 8398

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08/25/2011 04:15 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I live in Va. Was watching the news last night and they were showing condemned homes and cars that had been totaled by the quake.

They interviewed an insurance adjuster who said no one really has Earthquake insurance on the east coast and none of this damage would be covered.

He suggested seeking help from the federal Gov't.

WTH?????
 Quoting: Azila


Earthquake's are excluded on basic home owners insurance. just like flood.
Poster 8398

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08/25/2011 04:16 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Is hurricane coverage the same?
 Quoting: Azila


No. Wind and wind driven rain are typically covered under a normal policy.

Storm surge would be flood, and is not covered. Also, ground water that causes damage is considered flood.
Pangn

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08/25/2011 04:18 PM

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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I bought some sort of "extended incident" policy on my home a few years back.. supposetly I'm covered for everything except flood and nuclear war.

Hopefully that includes earthquake?? =S
Poster 8398

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08/25/2011 04:20 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I bought some sort of "extended incident" policy on my home a few years back.. supposetly I'm covered for everything except flood and nuclear war.

Hopefully that includes earthquake?? =S
 Quoting: Pangn


If your agent told you this, he was probably just selling and did not go over ecerything applicalbe. it's impossible to go over everything.

got to your policy, read through "Perils covered" and "Exclusions"
Poster 8398

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08/25/2011 04:30 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
For those of you who wonder why insurance companies exclude these things:

These are mass events over large areas. So, when a EQ or flood happens, it's assured that nearly every property in the area will be damaged.

However, wind, hail, theft, these kind of things have more of a random chance of happening, than a certainty.

So, if they DID cover flood or EQ, an insurance company would go bankrupt because of the number of claims. The only was to counter balance this is to raise rates.

So, if they covered it for everyone in a state, then EVERYONE in the state would share the costs of the EQ premium even though many may be in no danger of EQ.

So, it is not a fair premium for all to pay, and people would not be able to afford insurance if they did.

Hope this helps.

Last Edited by Poster 8398 on 08/25/2011 04:34 PM
Anonymous Coward
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08/25/2011 04:34 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Is hurricane coverage the same?
 Quoting: Azila


You cannot make a change or have any real estate closings when there is an active system in a large area of the Careworn. A few years ago they were no closings in Florida for one month due to all the storms forming.
Azila (OP)

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08/25/2011 04:43 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Is hurricane coverage the same?
 Quoting: Azila


You cannot make a change or have any real estate closings when there is an active system in a large area of the Careworn. A few years ago they were no closings in Florida for one month due to all the storms forming.
 Quoting: Anonymous Coward 1449311


This ROYALLY sucks for me because I've been in the process of looking to buy a house due to a job change, in Southern Maryland.

By the sound of if, what houses are left, will be damaged in that area.tomato
.....And Grace will lead me home.
Poster 8398

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08/25/2011 04:46 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Is hurricane coverage the same?
 Quoting: Azila


You cannot make a change or have any real estate closings when there is an active system in a large area of the Careworn. A few years ago they were no closings in Florida for one month due to all the storms forming.
 Quoting: Anonymous Coward 1449311


This ROYALLY sucks for me because I've been in the process of looking to buy a house due to a job change, in Southern Maryland.

By the sound of if, what houses are left, will be damaged in that area.tomato
 Quoting: Azila


This is only per county or state. Gulf states and counties have more frequent hurricane problems, so they have more laws built around it.

Please check with a local real estate agent before you make any assumptions based on what you read on GLP! lol
JLK

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08/25/2011 04:52 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
Watch out for policies that cover the initial shock, but not after shocks.

Perfect policy condition for insurance cos to try and deny you coverage on any claim you may have.
The first thing we've got to do is take out all the lawyers and shoot them down like dogs.
Anonymous Coward
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08/25/2011 04:57 PM
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Re: ~~~~Anybody else see this?~~EARTHQUAKES and INSURANCE
I am in Kansas and purchased earthquake insurance on my home about 1 year ago. I just had a feeling it was something I needed to do. It raised my premium a very small amount because we are in a low risk zone for an earthquake - however now with us being on the 37N latitude and all the quakes around I am glad to have added it. At the time my agent and my hubby laughed about it and I said well one day I may be the one laughing all the way to the bank.

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