Fill out our online quote form or call us at (425) 379-9200, and a licensed QuakeQuotes insurance agent will be in touch with you within two business hours. If all you have is a standard insurance … The East, a 40-60% chance and the Midwest has a 40%+ chance! I've been researching earthquake insurance in WA state and had some questions for those who have it: Who do you get your insurance from? Earthquake insurance is a wise investment as the best way to protect your equity from a devastating earthquake. For a long time, I was also the only person I knew here who fastened my bookshelves to the wall--people told me they'd never even heard of that. Not only does it cover the value of the structure, but also all of its contents up to an amount that's greater than the value of everything that we own. Premiums start at under $10/month! That’s 20% ontop of existing construction demand. That's probably what made the possibility of needing it seem more real to me--up here, before the Nisqually quake in 2001, there hadn't been one that did serious damage for over 35 years. Consider earthquake insurance in Seattle … Yet most Americans in earthquake-prone areas don’t buy earthquake insurance, largely due to expensive premiums, high deductibles and a reluctance to pay for an unpredictable event. Still, Washington state residents aren’t so big on buying earthquake insurance. Good Luck. I think if the earthquake is big enough to make you homeless, you will be homeless whether you have insurance or not. Protect your Silverdale and Seattle home with Earthquake Insurance in Washington from ISU Global Insurance. Secord Agency Earthquake Insurance Benefits & Options: Deductible down to 2.5% (most companies are 10%, Harford is 15%), or up to 25% if you want a low … So maybe you can stipulate your own higher coverage level. And even if they don’t go bankrupt it’ll probably take years to get your home rebuilt with a big chunk of the delay from the insurance company itself seeking to wait for the rebuild costs to come down over time. The East, a 40-60% chance and the Midwest has a 40%+ chance! How Expensive is Earthquake Insurance? It is always worth getting a quote so you can make an informed decision. The picture shows damage sustained in the 2001 M=6.8 Nisqually Earthquake south of Seattle. Those who do, probably know they are at risk due to older construction. For those who have the privilege of being able to bridge that gap. Report Save. If every contractor in a 500 mile radius suddenly got infinite more work I would expect those construction costs to almost double. I think my home owning friends are split 50/50 on having it. My home is just over 100 years. If all you have is a standard insurance … The company is competitive when it comes to plan coverage, services, and discounts. My home's value (sale price) is about 1.5M, but the rebuild cost is only ~500-600k, and the total loss deductible applies to the rebuild cost not the total real property valuation. As you grow your equity stake in your home, an earthquake insurance policy becomes an even more invaluable preventative measure for your financial future. Call today to for a free seismic retrofitting estimate. What really? I'm truly not being hyperbolic, the claims process when dealing with structure repair will take years and you'll be dealing with what to do with the structure in the intervening years if the damage is significant enough that you can't have tenants living in it. Earthquake insurance typically needs to be purchased in addition to a homeowner policy. If you don't want to pay for that, google "residential replacement cost calculator" and you should find several that use reasonably current costs by ZIP code. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Add any infrastructure problems to that. In lower-risk areas, the cost of earthquake insurance is lower, so you won't be paying the kinds of premiums people pay in high-risk areas. Two Important Things About Earthquake Insurance in Seattle, Washington. I would suggest a professional cost estimate. Earthquake damage is not insured under a standard home insurance policy.Depending on what state you live in, you may or may not be concerned about earthquake insurance, but according to the Insurance Information Institute, millions of people in 42 states are at risk of earthquake damage to their homes or personal property. VERY middle of the road and nothing crazy fancy. News, current events in & around Seattle, Washington, USA. I've seen new garages exceed $200/sq ft in Seattle - no heat, no plumbing, no cabinetry or flooring. Even if you live in an area where earthquakes are not common, you may still need earthquake insurance. A whole lotta shakin’ goin’ on in Seattle in 2001. Which makes State Farm a good place to start when shopping for earthquake insurance. In the best-case scenario, the damage is okay enough that you can still have tenants living safely in the structure but they'll be expecting you to repair the damage quickly as part of your legal obligations as a landlord. Nope. West Seattle. Earthquake insurance would only cover structural issues (that was my quote at least) and I did not think it was worth it. Basically what I’m saying is, if something so bad hits that we’re really doing full rebuilds, we have so many problems that the Feds will have to step in and institute all kinds of controls. According to my builder if we had started 6 months later our framing costs would have been $45K extra. Earthquake insurance is not covered by a home insurance policy, and can be incredibly expensive for very little payout. Make sure you understand the difference between your home's rebuild cost and total real property valuation. You can choose the amount of coverage you need as well as deductible options. It provides coverage if your home is destroyed by an earthquake. The house can just bounce right off the foundation in the big one. Do you want lively open discussions, upcoming events, local artist creations, community meet-ups, Seattle history, current news, community outreach, and careful transparent moderation? Earthquake insurance is a form of insurance that protects your home and your personal property if an earthquake ever damages or destroys them. Earthquake retrofitting by TerraFirma can help improve your home's ability to serve as a shelter after a seismic event and reduce the cost of repairs following an earthquake. If there's widespread damage, with or without insurance you'll be waiting a while to resolve the issue but it will be significantly longer if you rely solely on any state aid or FEMA funds. And: Generally required to maintain a minimum of $15 million in capital and surplus, per federal and state laws. With more than twenty faults, the risk of an earthquake powerful enough to cause serious damage to your home is a possibility that should be mitigated. Earthquake damage is generally not covered in the typical homeowner's policy so if you live in an area prone to earthquakes, you may want to check into obtaining coverage.Earthquake insurance will cover damage to your dwelling and its contents caused by damage from an earthquake such as walls that collapse or valuables that are destroyed inside your home.
Seattle earthquake damage in 2001 and 1965.
July 12, 2019 at 1:20 pm PDT. My policy is with Palomar. Hey everyone. r/SeattleWA is the active Reddit community for Seattle, Washington and the Puget Sound area! If the big one hits, and this 100 year old house falls, I'm selling the lot (house is assessed at $1,000 right now aka teardown) and rolling to new digs. People living in the California Bay Area have a 75% chance of an earthquake of magnitude 6.0 or greater hitting them. Economist: How to 'sympathetically' upzone Seattle's single-family neighborhoods ; Local News. Geovera bothered me because of "surplus line coverage." 206-783-4024 Earthquake insurance coverage rate exceeds expectations . San Jose 3 years ago. Maybe it is no big deal if your house was built later than 1970 or whenever the code got serious about seismic events. earthquake insurance seattle is a tool to reduce your risks. Why Do So Few California Homeowners Have Earthquake Insurance? 1. Earthquake Insurance in Washington just makes sense! It's worth considering if you'll have the cash on hand to pay a contractor to get the work done while waiting for an insurance settlement. In Seattle, its not uncommon for houses worth $200k to be sitting a patch of land worth $800k. Depending on the chosen program, you can partially or completely protect yourself from unforeseen expenses. Modern houses are massively over-engineered and anything old needs to be retrofitted before you can buy coverage. At that point you start looking for federal bailouts anyway. Buying earthquake insurance can be a difficult decision. I'm wondering a couple of things that I think the hivemind could help out with. Before you purchase business insurance, it’s critical to understand the different products available & how they work. Washington has the second-highest seismic risk of any state in the country, after California. Photo by RIC ERNST / PNG files Article content $175 p/sqft is not even in the ball park of reasonable. Earthquake endorsement (5% deductible) on our homeowners policy through Amica (an awesome company which I can't recommend highly enough, we have them for all insurances). Earthquake insurance is an added endorsement to your existing homeowner or renter’s policy, or a separate earthquake policy you buy. i thought i couldn't because we weren't retro-fitted, but after doing some googling it looks like we should be able to get a stand alone policy outside of our homeowners. Once I get all the remodeling inside done I will probably pick up earthquake insurance but that is a long ways off for me. In some cases, you may need to find another insurer that sells it. It’s available in most states as an add on to your policy, or you can buy it from a carrier that specializes in selling earthquake coverage. I think it is a good value, at least for me. https://www.reddit.com/r/BellevueWA/comments/lx751t/does_anyone_know_the_cost_per_square_foot_to/. Retrofitting your home can also potentially reduce your earthquake insurance premiums and deductibles. I can't say that carrying a policy is right for you but it's worth considering the realistic wait times involved in these kinds of situations. What is Business Insurance? There is peace of mind knowing that if an earthquake would occur, your property and belongings are covered. Our earthquake insurance is $506/year and has a 5% deductible, but it's worth it for the peace of mind. While the last major earthquake was in 2001, more than 1,000 small earthquakes happen each year, according to the Washington State Department of Natural Resources. West of the Cascades, that rate is 13.8%. Earthquake insurance is a form of insurance that protects your home and your personal property if an earthquake ever damages or destroys them. Do you want lively open discussions, upcoming events, local artist creations, community meet-ups, Seattle history, current news, community outreach, and careful transparent moderation? Skip to content. Yes! We've changed insurance companies since then and our deductible is even higher. A company representative representing the earthquake insurance provider will be able to provide you will more details about coverage options and rates. go bankrupt if all our houses fall over and not be able to pay anyhow? Why almost 90 percent of Washington doesn’t have earthquake insurance . Amica will not offer earthquake coverage for masonry homes or if your home is older and not earthquake retrofitted (our is ~80 yrs old wood frame and has been retrofitted). The West Coast of the U.S. is especially prone with the likelihood of nearly a 70% chance of a 6.7 earthquake or larger. Earthquakes are the most serious hazard facing Seattle. I believe the general actuarial consensus is the earthquake insurance is not worth it for individual homes. I’ve been through several earthquakes in SoCal and I’ve seen the insurance thing go both ways. My apartment complex requires it (not Seattle, on Whidbey). Most home insurance policies do not cover earthquake damage. Earthquake insurance provides coverage for your home in the event that an earthquake causes damage to it. It doesn't cost that much but there is a sweet $5,000 standard deductible. Protect your home in Burien or Normandy Park with an earthquake insurance policy. So in summary I think you can shop around for different coverage. I have earthquake insurance. Just like with any other form of insurance, you’re essentially gambling that you won’t suffer a loss; but unlike fire or homeowner’s insurance, for example, your buy-in for earthquake insurance … Get Earthquake Insurance Coverage in Seattle, Washington. Press J to jump to the feed. If you live in any of the high-risk areas indicated below, you should consider getting earthquake coverage.Seattle earthquake damage in 2001 and 1965.
July 12, 2019 at 1:20 pm PDT. My policy doesn't stipulate a $/sq ft limit per se, but it does have limits specified for the house vs personal property. Earthquake insurance coverage rate exceeds expectations . Earthquake insurance covers the loss or damage caused to the property and its contents caused by the shaking of the earth. It's usually sold with deductibles equaling 10 to 25% of the structure’s policy limit. Earthquakes aren't uncommon in many parts of the United States. In total, this quake caused over $2 billion in damage. Our final cost was $331 p/sqft for 2500 sqft. I just want to highlight the $175/sq ft cost. As you grow your equity stake in your home, an earthquake insurance policy becomes an even more invaluable preventative measure for your financial future. Press question mark to learn the rest of the keyboard shortcuts, kid in the back always making jokes to hide crippling insecurity. If you'd like an earthquake insurance quote in Seattle, contact Filer Insurance. It's a separate endorsement you must buy and add to your homeowner or renter policy. Single family home. It seems like a disaster waiting to happen... both literally and financially. With super low prices for earthquake insurance in Washington, we make protecting your most valuable asset simple and affordable!What many Washington residents don't realize is that it only takes a mild tremor to cause tens of thousands of dollars in damage to your home's foundation, let a lone a full-blown earthquake. This is much lower than the cost of buying a house since does not include the value of the land. 2. Is earthquake insurance worth it? The Seattle area experiences three earthquake types with varying consequences:o Crustal or Shallow Quakes occur in the North American plate at 0-30 km near the crust's surface along faults. We have witnessed so much throughout the decades. Earthquake insurance isn’t required by law, and mortgage lenders usually won’t require it unless your home is in a high earthquake risk area. Do I need earthquake insurance? I'm going to contact an agent this week because it is something i've been meaning to look at getting. Looks like you're using new Reddit on an old browser. And the rider on our plan to provide the earthquake coverage is so small, it's a no-brainer. Earthquake insurance is usually sold with deductibles that equal 10 to 25 percent of a structure’s policy limit. Realistically many will just permanently move elsewhere in response to being realistic about how long rebuilding will take. The rebuild will be sold on completion, perhaps years later. but only 14% of California residents have earthquake insurance. Protect your home against earthquakes with help from TerraFirma, your expert for seismic retrofit solutions in Seattle, Portland, Tacoma and nearby. Year Published: 2011 Putting down roots in earthquake country-Your handbook for earthquakes in the Central United States. Earthquakes occur in Washington. Also the insurance companies continue to raise rates while betting on there not being an earthquake, and the regulatory agencies can't really do much about it. Question. But you should still consider coverage if you live in an area that’s prone to seismic activity. People living in the California Bay Area have a 75% chance of an earthquake of magnitude 6.0 or greater hitting them. The experts at Sound Insurance have been advising & guiding business insurance decisions before many of you were born. The picture shows damage sustained in the 2001 M=6.8 Nisqually Earthquake south of Seattle. just now. Yes. If you choose not to protect yourself with earthquake residential insurance, you may be responsible for 100 percent of the cost to repair your home and replace your belongings after a major earthquake. If the shaking of the earth results in a fire (caused by a broken gas main), only the resulting loss or damage from the fire would likely be covered under an ordinary home insurance policy. The homes of my family and friends never sustained much damage even when the big ones hit, cracked stucco and a damaged retaining wall is all they ever saw... but our neighbors house jumped/slipped off its foundation. Earthquakes are large-scale events, so your rebuild will be competing with thousands of other damaged homes. Seattle and the Northwest have had several large earthquakes. It's a separate endorsement you must buy and add to your homeowner or renter policy. Our old CRT TV set did a faceplant on the living room floor in the Nisqually quake, and the deductible was just about the same as the cost to replace it. A perk to my place being set up as a condo despite being a townhouse is that the building itself is covered under a group policy.