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Earthquake Insurance: Anyone have, getting, or thinking of getting some?

Discussion in 'North & South Carolina' started by DrStranglove, Aug 15, 2020.

  1. DrStranglove

    DrStranglove FChat Assassin
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    Oct 31, 2003
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    After the 3 we have had in the past 10 years and with a pool my size built on the side of a hill, anyone thinking or have this?
     
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  3. raider1968

    raider1968 F1 Rookie
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    Mar 13, 2008
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    John E
    I thought about it several years ago since I live on the top of a Ridgeline off Cold Mnt but never did anything
     
  4. Redlambo

    Redlambo Formula 3
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  5. Tinbender

    Tinbender Formula Junior
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    Mar 13, 2004
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    Terry W. Phillips
    I had a house at Lake Lure and checked on earthquake insurance. It was available but it was almost twice the cost of a policy without it.
     
  6. DrStranglove

    DrStranglove FChat Assassin
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    I agree with this but here is the thought: we've had 3 I've felt in ten years which is 3 more than in the past 50! I wonder if that is prelude to something big about to detach under the Apps. And again, a LARGE pool hanging over a hill.
     
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  8. AD211

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    Can we see the pool?


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  9. DrStranglove

    DrStranglove FChat Assassin
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  10. dweintra

    dweintra Karting

    Aug 16, 2012
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    I am contemplating the same thing for a house we are buying in the Seattle area. It doubles the cost but seems reasonable at about $1,200 a year. Likely will go for it.


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  11. AD211

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  13. steven t evans

    Jul 24, 2020
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  14. DrStranglove

    DrStranglove FChat Assassin
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    No, just me and the kids these days. :)
     
  15. randkin

    randkin Formula 3

    Aug 2, 2015
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    It depends on a couple of things at least in CA: 1. If you have a purchase money loan and only put say 10% down your lender is taking the 90% of the risk as you can walk from the deal and just lose your down payment and any additional equity paid in since purchase. If you refinanced you are fully at risk 2. The older the home the larger your risk as CA has updated earthquake building requirements a few times in the last 20 years. So if the home is over 50 years there were few if any earthquake building regulations so your risk is higher. 3. If your home is built on “fill soil” or alluvial soil your risk for liquefaction is substantial in a significant earthquake. 4. The more you have in equity the more you have at risk. 5. If an earthquake occurs it may damage hundreds or thousands of homes and the costs to rebuild will be at a premium to usual construction costs, so additional living expenses may be for 2 or more years which will also be out of pocket as there will not be enough contractors and acquiring permits are more and more problematic now.

    Earthquake premiums are not cheep similar to the premiums and deductibles to “named storm” coverage in the hurricane areas. So after those considerations your decision is, do I want to take a known loss = annual premium + deductible vs. an unknown loss total loss of structure and some of the contents. There you are my my thoughts for what they are worth?
     
  16. Alpintourer

    Alpintourer Formula 3
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    Jul 20, 2013
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    Thinking out loud here...

    Would the water in the pool act as some sort of dampener to absorb some of the shock? ie is it better full, or empty?

    I'm not a Seismologist, nor do I play one on TV.
     
  17. DrStranglove

    DrStranglove FChat Assassin
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    The water would if you were a boat floating on top. But remember, it would go through the foundation fist!
     
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