Quick Responses to EQ Insurance Question. Thanks for all the quick responses to the earthquake insurance question. We also heard that a number of people cancelled their EQ insurance after the 2001 earthquake when they realized the deductible was 10% of house value and didn't cover the damages they incurred. Below are the email responses we received:
Jim, we have had earthquake insurance for some years and it costs about $300 per year for a house valued about $250K. There is a 10% deductable and an exclusion of outside masonry. I got mine through USAA insurance.
This response was only a website: http://www.geovera.com/
Regarding insurance costs,
We have earthquake Insurance, as a rider on our Homeowners Policy through State Farm. They don’t itemize the different inclusions in our policy bill so I can’t tell you the exact cost, but coverage value of around $300,000 costs us a little over $1000 per year. I should tell you, while there is a $1,000 deductable on the bulk of our policy; the earthquake coverage has a whopping 10% deductible.
Everyone should be reminded to either put together, or inventory existing disaster supplies, to help them survive through the next big one.\\
Here’s a great info sheet put out by the Seattle City Government. www.seattle.gov/emergency/library/snap/kit/together_prepare_all.pdf
Jim, from talking with friends and collegues as well as checking my own policy it will run about a quarter of what my yearly home owners insurance premium runs, which is around $400.00 dollars. I know Jim and I will be taking out insurance. Looking at all the earthquakes that have occured around the Pacific Rim -ring of fire our area is one of the last to not experience a significant quake. It's time we all start getting prepared-at least be able to take care of ourselves food and water wise for at least a week.
All insurance companies are different. I have had earthquake insurance an each house I have owned here in Washington State. Four separate homes. When I bought this house in Illahee I put earthquake insurance on this home and then the insurance company (Nationwide) said that I had to bolt the sill plate down to the foundation. The house was built in 1943 so essentially they were asking me to bring up to 2006 standards. I previously had Grange insurance on my homes and went back to them and they did provide me with earthquake insurance however, in 2010 they sent me a letter and informed me they would no longer insure me for an earthquake (a lot of insurance companies are dropping earthquake insurance). I am currently insured through American Family and am covered for earthquake. Looking at my policy I can't tell exactly what I am paying but I believe it is about $20.00 per month. I am certain if depends on the insured value of your home. My total premium in $760.00 per year with a value for the dwelling at $270,000.00. My insurance broker is Joshua Spain in Silverdale 360-536-9088. I hope this information is helpful.
We did have earthquake insurance on our home at a reasonable cost with Allstate. They decided to not issue earthquake insurance policies. We considered a policy with another compnay. The premiums were expensive and the deductable was considerable. Living on a fault line was an issue.
here is the verbage to go with your chart
Location, structure, and seismicity of the Seattle fault zone, Washington: Evidence from aeromagnetic anomalies, geologic mapping, and seismic-reflection data
Richard J. Blakely*1, Ray E. Wells*1, Craig S. Weaver*2 and Samuel Y. Johnson*3
+ Author Affiliations
1U.S. Geological Survey, 345 Middlefield Road, Menlo Park, California 94025, USA
2U.S. Geological Survey, University of Washington, Seattle, Washington 98195, USA
3U.S. Geological Survey, Denver Federal Center, Denver, Colorado 80225, USA
Abstract
A high-resolution aeromagnetic survey of the Puget Lowland shows details of the Seattle fault zone, an active but largely concealed east-trending zone of reverse faulting at the southern margin of the Seattle basin. Three elongate, east-trending magnetic anomalies are associated with north- dipping Tertiary strata exposed in the hanging wall; the magnetic anomalies indicate where these strata continue beneath glacial deposits. The northernmost anomaly, a narrow, elongate magnetic high, precisely correlates with magnetic Miocene volcanic conglomerate. The middle anomaly, a broad magnetic low, correlates with thick, nonmagnetic Eocene and Oligocene marine and fluvial strata. The southern anomaly, a broad, complex magnetic high, correlates with Eocene volcanic and sedimentary rocks. This tripartite package of anomalies is especially clear over Bainbridge Island west of Seattle and over the region east of Lake Washington. Although attenuated in the intervening region, the pattern can be correlated with the mapped strike of beds following a northwest-striking anticline beneath Seattle. The aeromagnetic and geologic data define three main strands of the Seattle fault zone identified in marine seismic-reflection profiles to be subparallel to mapped bedrock trends over a distance of >50 km. The locus of faulting coincides with a diffuse zone of shallow crustal seismicity and the region of uplift produced by the M 7 Seattle earthquake of A.D. 900–930.
Other articles of interest:
HI, and thank you for the heads up on the EQ... We are also interested in any EQ insurance policies that people have found. So as always thank you for all your hard work. Thank You For Your Responses. Thank you for your helpful and thoughtful responses! There are a number of residents who want to know more and your responses are appreciated. Jim Aho |
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