Hey Irvinites...you got Earthquake Insurance?

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Mcdonna1980 said:
Astute Observer said:
What if one of the volcanos in Yellowstone erupted, and cover up the sky of the entire Western United States for a couple of years, and cover the street in LA with a few inches of ashes? Will any kind of insurance covers that?
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Who cares. You'll probably turn to dust like the people of Pompeii.
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This is why I don't bother paying car insurance since I never wear seat belt. :P
 
The reason it is expensive is because its a game of odds. It is like betting.

The chances of an earthquake happening in the next year... nobody knows.

The chances of an earthquake within 50 years -- absolutely. We know that we are on a major fault and it is only a matter of time. SoCalers know this.

So basically, cost benefit analysis is the way to go. If you own the house outright, your crazy if you don't have eq insurance. But even if you don't, i would still recommend it. In my opinion, eq insurance is a must have.
 
LoudRoar said:
The chances of an earthquake happening in the next year... nobody knows.
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Actually we know the chances of an earthquake with any magnitude happening in future fairly accurately. Plug in you zip code, time frame, and desired magnitude here and see for yourself:

USGS Earthquake Probability Mapping

The problem is, this is all probability, so you can't be 100% sure... (but this is enough data for insurance companies to adjust their premiums versus potential claims to still make good money in all likelihood, when the pool is large enough.)
 
Mazy said:
LoudRoar said:
The chances of an earthquake happening in the next year... nobody knows.
Click to expand...

Actually we know the chances of an earthquake with any magnitude happening in future fairly accurately. Plug in you zip code, time frame, and desired magnitude here and see for yourself:

USGS Earthquake Probability Mapping

The problem is, this is all probability, so you can't be 100% sure... (but this is enough data for insurance companies to adjust their premiums versus potential claims to still make good money in all likelihood, when the pool is large enough.)
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Thanks! Great link.

so correction: The chances of an earthquake happening in the next year... 8% (actually that is 2002, could not figure out 2008 exact figure)
 
I don't carry it because of anything under 6.0, but I do know that a 7.2 or higher near us could hit the foundation and then it's rebuild time, which we couldn't do.
 
Do regular homeowner insurance policies cover fires after an earthquake?

Most of the damage to woodframe homes will probably occur during fires after an earthquake. The ShakeOut Scenario examines the impact of a 7.8 on the southern San Adreas Fault. Here's a quote from their report:

Southern California is unfortunately well situated for major fires to be generated following earthquakes. The number of ignitions that will create fires large enough to call the fire department can be extrapolated from previous earthquakes and depends upon the number of households at different levels of seismic shaking. This leads to an estimate of 1,600 ignitions of which 1,200 will be too large to be controlled by one fire engine company. In areas of dense woodframe construction, these fires if not controlled will grow quickly to involve tens or hundreds of city blocks. The fire risk is increased by the damage to the water distribution system and by the traffic gridlock that will result from the ShakeOut earthquake./quote]
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freedomCM said:
Since it didn't cover the floods after the hurricanes in New Orleans and the whole south, I would guess not.
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But that is the opposite. With Katrina, the wind knocked out windows, etc. Then the flood came and ruined houses. By the time insurance adjusters look at it all they see is flood damage.

In this case, by the time the adjusters look at it, all they will see is the ashes.
 
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