Earthquake policy

O

OCtoSV

Active member
How many of you purchase earthquake ins? My policy cost is > than my entire homeowners premium. Is it the same in Irvine?
 
OCtoSV said:
How many of you purchase earthquake ins? My policy cost is > than my entire homeowners premium. Is it the same in Irvine?
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In the 15+ years that I've been a realtor, only 1 of my clients purchased earthquake insurance.
 
Last time I checked was about a year ago and it was about 2k for the year vs about 2300 for my regular homeowners.

Given the value of having to to rebuild the house or buying a new one perhaps it makes more sense to get one. Although if my house goes down so will the entire surroundings and rebuilding would take forever since so many people would have to rebuild. It probably take the money and move San Diego or out if state.
 
Don't you have to pay $250,000 (or something ridiculous) of your own money before earthquake insurance kicks in?
 
I have a $25K deductible with full replacement coverage. A lot of our neighbors in Pasadena back in the Whitter quakes were really screwed on repairs without a policy.

Thanks for the data point Martin.
 
OCtoSV said:
I have a $25K deductible with full replacement coverage. A lot of our neighbors in Pasadena back in the Whitter quakes were really screwed on repairs without a policy.

Thanks for the data point Martin.
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how much is your earthquake insurance?
 
I have it but mine is pretty cheap since I have $80k deductible.  It's literally like $10/mo and my purpose is for catastrophic recovery only.  If my whole home is destroyed I'll pay the $80k and rely on insurance for the remainder to rebuild.  If there is an 7-8 earthquake and I have cracks in the walls and some windows break, I'm sure I'll have to cover all those expenses myself.

I did notice that different zip codes in Irvine have way different pricing - when I changed zip codes and got a quote from CEA it was like 70% less than the previous quote in another zip so I went ahead and got it.
 
I covered out home for about $50 a month but the real value is the ground underneath it, not the home itself. So, I think there would be enough to rebuild if the house doesn't fall into the water.  I feel pretty good about this because they just rebuilt all our sea walls so I think the foundations will hold.
 
irvinehomeowner said:
It's weird, in Irvine, the costs range from $40/mo to $150/mo depending on your zip code.
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Mine is much less than $40/mo... depends on your deductible and other specs
 
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