annabanana
New member
What do you guys think of this? Should we get it?
Earthquake Insurance
- Thread starter annabanana
- Start date
usctrojancpa
Well-known member
Honestly, a waste of money.annabanana said:
irvinehomeowner
Well-known member
Why is that actually? We are in earth quake country... and we have felt quite a few.USCTrojanCPA said:
I guess if there is a quake huge enough to do serious damage... we'll get bailed out?
usctrojancpa
Well-known member
Well, considering that we haven't had a serious earthquake in about 20 years and even that earthquake didn't do that much damage down here in OC I think earthquake insurance is a waste of money. If there was a huge earthquake that caused a lot of damage the federal gov't was come in offering 0% interest loans to rebuild.irvinehomeowner said:
Isn't the point of insurance to cover you in the event of a catastrophic, albeit unlikely scenario? Knowing that your financial condition could change, that relying on the federal government to make you whole in the event of a cataclysm is foolish, that we had three earthquakes in June (one bigger than the one that hit Haiti), it would seem to me that earthquake insurance may be a prudent purchase.
irvinehomeowner
Well-known member
How much more did it add per year/month?
If it's cheap... we would consider it... it's just like life insurance... I don't plan to die anytime soon but I can't guarantee that.
If it's cheap... we would consider it... it's just like life insurance... I don't plan to die anytime soon but I can't guarantee that.
newhomebuyer
New member
I believe there was a major earthquake in Northridge CA ~ 15 years ago. Does anyone know the effect of it on the local real estate market?
I can have emergency fund for job loss, or insurance for the fire/earthquake, but would just like to get an idea what could happen to Irvine real estate market if a major earthquake hits.
Thanks,
I can have emergency fund for job loss, or insurance for the fire/earthquake, but would just like to get an idea what could happen to Irvine real estate market if a major earthquake hits.
Thanks,
irvinehomeowner
Well-known member
The Northridge earthquake didn't do anything to the Irvine RE market... unless you think the early 90s bubble pop was because of it.
newhomebuyer
New member
Sorry, I meant if Northridge earthquake had any effect on Northridge real estate.
Irvine2Irvine
New member
newhomebuyer said:
Northridge real estate took a hit after the earthquake.
I remember many stories on TV about how the price took a dive and the bargains could be had in the Valley after the quake.
irvineresident
New member
irvinehomeowner said:
We bought the California Earthquake Authority (CEA) policy through our HO Insurance company. It added about $600 to our annual premium. We felt its a relatively small price to pay for the benefit and peace of mind.
annabanana
New member
irvineresident said:
Is there a deductible?