Which part of Irvine is away from earthquake faults and has solid rocks undernea

[eyephone]

So even with EQ insurance, don't you have to pay like $200k deductible on your own?

You can adjust your deductible now.

The best use of EQ insurance is for 1) damage that is moderate and can be repaired and 2) if your house is complete destroyed and you want to move elsewhere. 

If your house is completely destroyed...there is pretty good chance that the surrounding area/infrastructure is decimated.  Your property value are going to be nonexistent any ways and you are better off just giving the house back to the bank.  The EQ insurance payment you get will not likely be enough to pay off your mortgage and even if it does...it's not going to be enough to rebuild your house.

So in the end, it's not worth it.

Not necessarily, I wouldn?t recommend walking away from the property.
It think it maybe cheaper to fix/rebuild than buying another house.

 

[Mety]

So even with EQ insurance, don't you have to pay like $200k deductible on your own?

You can adjust your deductible now.

The best use of EQ insurance is for 1) damage that is moderate and can be repaired and 2) if your house is complete destroyed and you want to move elsewhere. 

If your house is completely destroyed...there is pretty good chance that the surrounding area/infrastructure is decimated.  Your property value are going to be nonexistent any ways and you are better off just giving the house back to the bank.  The EQ insurance payment you get will not likely be enough to pay off your mortgage and even if it does...it's not going to be enough to rebuild your house.

So in the end, it's not worth it.

It depends on where you are...and what you expect the results of a quake to be.  Most houses are not destroyed..but damaged.  So if you have a $200K bill to mix your walls and foundation...insurance is worth it. 

If you have a low mortgage, it's worth it because you can pay off the loan...keep the remainder and then apply for low interest loans for a new place.

People who talk about equity value forget that your house is going to be next to worthless if a major disaster strikes.

Yeah I guess it depends, but with $200k, wouldn't you want to buy another home rather than waiting for the insurance to fix the home for you? If you bought with all cash, then I guess it's a different story. I'm speaking from a regular 20% downpayment-ers's perspective.

 

[irvinehomeowner]

I don't think any HOA insurance includes earthquake insurance just like no homeowners' policies do.

I'm wondering if it's worth it. On our older home, EA insurance was over $130/month, in newer homes it's only $20/month... and no... there is no ROI calculation here.

 

[paperboyNC]

I don't think any HOA insurance includes earthquake insurance just like no homeowners' policies do.

I'm wondering if it's worth it. On our older home, EA insurance was over $130/month, in newer homes it's only $20/month... and no... there is no ROI calculation here.

This really matters with attached condos. You can't repair/rebuild without the HOA / other homeowners all agreeing to a plan and each contributing.

With a detached condo or SFR, you can rebuild or sell the land on your own.

 

[eyephone]

So even with EQ insurance, don't you have to pay like $200k deductible on your own?

You can adjust your deductible now.

The best use of EQ insurance is for 1) damage that is moderate and can be repaired and 2) if your house is complete destroyed and you want to move elsewhere. 

If your house is completely destroyed...there is pretty good chance that the surrounding area/infrastructure is decimated.  Your property value are going to be nonexistent any ways and you are better off just giving the house back to the bank.  The EQ insurance payment you get will not likely be enough to pay off your mortgage and even if it does...it's not going to be enough to rebuild your house.

So in the end, it's not worth it.

Not necessarily, I wouldn?t recommend walking away from the property.
It think it maybe cheaper to fix/rebuild than buying another house.

An example. Many people rebuilt their home after the fire.

 

[zubs]

If CA sees more wildfires in the future, insurance will stop covering it, and place it in the same category as earthquake insurance with the spend $200,000+ before we start covering your house.

 

[eyephone]

Another reason why I recommend to buy detached or sfh.

 

[irvinehomeowner]

Another reason why I recommend to buy detached or sfh.

For example... *not* Delano.

 

[mads]

So assuming no EQ coverage with any condo project, might anyone dare to ask the follow up question: "So if there is an earthquake that results in a fire, is the damage from the fire covered?"

The HOA Manager might get a bit flustered if asked, so an alternative might be "So a week after a big EQ one of the pipes in the street busts and floods my house. Who covers that loss?"

My .02c

https://www.cnn.com/2019/07/05/us/california-earthquake-insurance/index.html
While the goal is to provide some relief, it's not meant to bring you back to your pre-earthquake days, officials say.
"There are limits on what earthquake insurance pays," the California Department of Insurance says. "The purpose of earthquake insurance is to help put a roof back over your head."
And earthquake insurance usually does not cover anything already included in your homeowner's policy.
"For example, your homeowner's policy covers fire damage, even if an earthquake causes the fire. Therefore, your earthquake policy does not cover fire damage," the California Department of Insurance says.
Earthquake insurance does not cover damage to your vehicles either -- that may be covered by your auto policy. Neither does it cover water damage from outside your home after an earthquake, including sewer, drain back-up and flooding, among others.

 

[Mety]

I don't think any HOA insurance includes earthquake insurance just like no homeowners' policies do.

I'm wondering if it's worth it. On our older home, EA insurance was over $130/month, in newer homes it's only $20/month... and no... there is no ROI calculation here.

This really matters with attached condos. You can't repair/rebuild without the HOA / other homeowners all agreeing to a plan and each contributing.

With a detached condo or SFR, you can rebuild or sell the land on your own.

Wouldn't it be better if the HOA covers you? I know they might take forever to take care of you, but rebuilding on your own doesn't sound too attractive especially with typical deductibles you have to pay for EQ insurances.

Also I don't know if there will be any difference between an attached and a detached when they're all condo/co-ops in Irvine. SFRs with no HOA would be the case you get to do your own stuff, but I think any planned community with HOA still would need to go through them. Any idea?

 

[paperboyNC]

Wouldn't it be better if the HOA covers you? I know they might take forever to take care of you, but rebuilding on your own doesn't sound too attractive especially with typical deductibles you have to pay for EQ insurances.

Also I don't know if there will be any difference between an attached and a detached when they're all condo/co-ops in Irvine. SFRs with no HOA would be the case you get to do your own stuff, but I think any planned community with HOA still would need to go through them. Any idea?

I live in a detached condo.

- I have access to every exterior wall in my home
- The HOA does NOT insure the home. I do

Not all detached condos are created equal.

 

[Mety]

Wouldn't it be better if the HOA covers you? I know they might take forever to take care of you, but rebuilding on your own doesn't sound too attractive especially with typical deductibles you have to pay for EQ insurances.

Also I don't know if there will be any difference between an attached and a detached when they're all condo/co-ops in Irvine. SFRs with no HOA would be the case you get to do your own stuff, but I think any planned community with HOA still would need to go through them. Any idea?

I live in a detached condo.

- I have access to every exterior wall in my home
- The HOA does NOT insure the home. I do

Not all detached condos are created equal.

So your fully detached home is all on your own. What about semi detached/attached or zero lot detached homes? If the HOA covers those homes, then being all on your own might actually be more costly in case of earthquakes, don't you think (if neither had an EQ insurance)?

 

[jwblue]

A while ago I read somewhere that Newport Beach would not be affected as severely by a major quake.

Is this patently false.

If CA sees more wildfires in the future, insurance will stop covering it, and place it in the same category as earthquake insurance with the spend $200,000+ before we start covering your house.

Earthquake coverage only begins over $200K?  I could be wrong but can anyone verify this?  I was reviewing my earthquake coverage and do not recall that.

 

[Irvinecommuter]

A while ago I read somewhere that Newport Beach would not be affected as severely by a major quake.

Is this patently false.

If CA sees more wildfires in the future, insurance will stop covering it, and place it in the same category as earthquake insurance with the spend $200,000+ before we start covering your house.

Earthquake coverage only begins over $200K?  I could be wrong but can anyone verify this?  I was reviewing my earthquake coverage and do not recall that.

It depends on your deductible.