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

I live in the midwest and though per the ratings I am in a "low" risk area I bought EQ insurance shortly after I bought my house years and years ago. My deductable is $5000, though with the recent quake I do need to check my policy and with the agent to make sure it wasn't changed over the years (yep ... I am like most people, I ignore all those inserts they send with the renewal every year!)

I have only had one claim in my many years ... but it was for an entire new roof for the house, which cost the company about 10-12 years worth of premiums. Homeowners Insurance is the best insurance deal out there ... I wouldn't be without it!!

Our family owns an insurance agency in Kansas city, Missouri.

YES you MUST get EQ insurance as an additional rider on our policy, and although KC is quite a distance from the New Madrid fault, our family has faithfully paid the EQ premium, food premium as well for the last 20 years.

It is not expensive unless you are directly in an EQ area on the gvt. maps - and so worth it, as the quake on the east coast shows this week.

Most people are unaware that even with most hurricane policies, FOOD damage is not covered, you have to have a sep. rider for flood insurance coverage, this was what was so hard for many of Katrina victims, they had hurricane coverage, but not water damage - so they were only covered for what they could prove the WIND did, not the storm surge.

I advise everyone to CHECK YOUR POLICY, call your agent and ask them, are you covered in case of EQ, flood/water damage, wind damage, hurricane etc...

yes it is expensive but in these times, the earth changes are intensifying, and it is better to prepare and pay the coverge for the next couple of years, than to lose everything.

Take care,
E

OOPs I meant FLOOD damage in the post below... not FOOD damage! LOL

HAHAHA - I was wondering...

Check out my earthquake thread in my signature. I graphed the iris database from 1990-2011.

and you would have no idea how high it really is, because at least twice as many as reported each day are left off.

In fact USGs now claims they report all quakes 2.5 and above. they do not, you can find plenty of the EMSC to prove that. USGS used to report on their main page all quakes 2.5 in the US and those 4+ and above worldwide. They surely are not posting hardly any 2.5+ in the rest of the world, despite their current claim.

Need any more proof insurance is a scam?

Most people in CA don't even have earthquake insurance.

i got news for everyone...no amt. of insurance is gonna help u if elenin/nibiru does what's been done in the past lol

EQ insurance is fairly cheap, but the deductibles are much higher than a regular homeowners policy. Here in TN, the deductible is typically 10% of the value of the property, not 10% of the claim amount. So, on a $200,000 house, they would only cover anything over $20,000. I used to have it, but when I changed companies, they forgot to include it on the policy and I never went back and added it. Probably should do that tomorrow.......

This is correct.

For years the big insurance companies have made the message clear in the advertisements that if you go with them and something bad happens they will restore you to the way it was before the disaster. Now people are finding out the hard way how many things are not covered.

YEP...divide and conquer.

Most often it is required by the mortgage carrier

To hell with that.

No one tells me I can't go into my house for any reason.

There isn't a point in life if you can't do that. I hope that was a bit eggagerated.

I just can't fathom what would happen if that happened to me. I'd be in jail for killing people trying to stop me from getting grandmas blanket or something.

Bump your right, they talked about it on Bloomberg.

+1 and bump, good topic

We need to know.....honestly, I was blindsided with this info as I was never exsposed to an earthquake before.........sigh

A note was included in my renewal notice a year or so ago.Could opt for EQ insurance for an additional premium.I added it because I didnt think the premium was a lot at the time.Didnt think about it till seeing this thread.

Are you also a real estate developer?