Earthquake insurance

[scott craven]

There was an article in the paper about the soaring costs.
I don't have it currently, but wife is pressuring for it.
I understand the deductible is huge as well, up to 50K ??
Who's got it ?

 

[baddogg]

I have it. $525 for my coverage and %5 deductible. It's a lot of money, but.............

 

[Theb55]

I have it and wouldn't be without it. Have had it for years. A nice lump sum will help. If you have a new wood structure you will be in better shape. Older homes that are not secured properly to the foundation, not so. Cement is bad. The first four stories in James Bay are likely to sink down. Victoria and Vancouver island likely to be hit very hard sometime. But when?

 

[Cuba Libre]

Got it.... the wooden piece of crap I live in would walk off the foundations at the first good shake.

 

[Degree of Freedom]

big question would be in a large event how long will it take them to process the hundreds of thousands of claims and get you your money?...

 

[Deewar25]

got it, would never think otherwise - $245 $236 and $345 are the premiums on ours 5% deductible

 

[tinboatrobb]

Have had it for years.

 

[Dave S]

Yep, got it. Don't plan on using it. Brown bros was the best price I found in Victoria Scott. Worth shopping around.

 

[spring fever]

Never been without it. If you need it the 5% deductable will be nothing compared with if the house comes off the foundation and is a total loss!! Just ask yourself if you could recover financially if your house was a total loss-my answer is no! so to me I can't be without it-whereas other types of insurance I can take it or leave it. LOL

 

[rockdog]

We have it. Just recently we received a phone call from our insurance provider. They were calling us to inform us that the rates were going up big time. They said most, if not all providers are jacking their rates up for earthquake insurance. I'm not sure if the rates posted earlier are including the rate increases, but I know mine is gonna be more than what was posted. Maybe time to shop around?

 

[GDW]

I'm not a home owner yet but it's crazy for me to think people here don't have it. Thought that would be part of standard coverage. I guess it's an add on? What does home insurance cover if you need to add on earthquake, fire, flood etc.

 

[Clipper]

Absolutely have it. The rates did go up about 25% this year but somebody has to pay for all the earthquake damage around the world. Will go up again next year, I'm told.

 

[Theb55]

Unlike a fire, IMO the big damage will be structural. But if you live in a bad area it could be 100%. And some areas (fill) will be harder hit

 

[Foxsea]

I have it and wouldn't be without it. Have had it for years. A nice lump sum will help. If you have a new wood structure you will be in better shape. Older homes that are not secured properly to the foundation, not so. Cement is bad. The first four stories in James Bay are likely to sink down. Victoria and Vancouver island likely to be hit very hard sometime. But when?

Earthquake insurance is really for your piece of mind. Policies are limited, with high deductibles. An even better investment may be to hire a structural engineer to do a seismic inspection, then help you design an upgrade to the home to meet the most current code standards. Today's codes are now strict when it comes to earthquakes and you should expect a home to withstand a 6.5 earthquake with no structural damage.
The most important upgrade to do is to make sure that the house is actually attached to the foundation. Believe it or not, many older homes are just "resting" on top of the foundation. When an earthquake occurs, the house slips off the foundation and then collapses. A few steel straps, bolts and hold downs can go a long way in keeping your home together in a seismic event.

 

[Copper Moon]

Mine went up around 30% along with a huge jump in deductible. Shopping around helped.


I have some interesting graphics on hazard zones for the lower island and Vancouver area that members might find interesting. I tried to paste them but that didn't work. I am too busy at the moment to pursue the proper process, but will email them to someone who knows how.

 

[Deewar25]

Earthquake insurance is really for your piece of mind. Policies are limited, with high deductibles. An even better investment may be to hire a structural engineer to do a seismic inspection, then help you design an upgrade to the home to meet the most current code standards. Today's codes are now strict when it comes to earthquakes and you should expect a home to withstand a 6.5 earthquake with no structural damage.
The most important upgrade to do is to make sure that the house is actually attached to the foundation. Believe it or not, many older homes are just "resting" on top of the foundation. When an earthquake occurs, the house slips off the foundation and then collapses. A few steel straps, bolts and hold downs can go a long way in keeping your home together in a seismic event.

It's not about a 6.5, its about a 9, and there is very little we can do to our home to withstand that kind of shake if it hits close or shallow. I'll gladly pay $200-300 even $500/year (if mine go up 100%) for the peace of mind knowing that if the big one hit, I'd be paying $20k instead of $400k to rebuild

 

[scott craven]

At a 9.5 value quake, the devastation would be so great that lives would be more of an issue than property.
assuming we are were still around when it's over, would the insurance companies even be able to pay based on the massive extent of damage ?

 

[Deewar25]

At a 9.5 value quake, the devastation would be so great that lives would be more of an issue than property.
assuming we are were still around when it's over, would the insurance companies even be able to pay based on the massive extent of damage ?

Got a better chance of getting paid than if you don't have any at all

For me, 0.65c/day for some piece of mind (and the other 2 are rentals so its all deductible anyway) given that many people pay 4x that daily just for their coffee fix. Even at $1/day when I see my new rates, that isn't a deal breaker by any means.

 

[Degree of Freedom]

not tryin to pick on you Foxsea, so please don't take it that way

An even better investment may be to hire a structural engineer to do a seismic inspection, then help you design an upgrade to the home to meet the most current code standards.

I agree...every one of you should hire a structural engineer

Today's codes are now strict when it comes to earthquakes and you should expect a home to withstand a 6.5 earthquake with no structural damage.

The Christchurch earthquake that leveled several buildings, caused hundreds of millions in damage, and killed a couple hundred was a mere 6.4 (it's about intensity and duration, not magnitude)...and New Zealand codes are pretty close to ours. The code is designed to minimize loss of life, not damage...a successful structural design is one where all the occupants get out alive, even if the building needs to be bulldozed after. That being said, a modern single or two story home constructed properly has a very good chance of surviving well.

The most important upgrade to do is to make sure that the house is actually attached to the foundation. Believe it or not, many older homes are just "resting" on top of the foundation. When an earthquake occurs, the house slips off the foundation and then collapses. A few steel straps, bolts and hold downs can go a long way in keeping your home together in a seismic event.

Absolutely!

 

[notmebud]

Got it 3% $500 ded.. canadian direct best rates great coverage