Earthquake insurance: scam or important safety net?
November 12, 2008 9:22 AM Subscribe
Earthquake insurance in California is pricey – it more than doubles insurance costs, with a very high deductible. MeFites who live in California, what have you chosen to do, and why?
posted by quinoa to home & garden (18 answers total) 5 users marked this as a favorite
There are decent arguments that it’s a waste of money: with the high deductible (15% of dwelling value) most houses will never have enough damage to trigger an insurance claim, even in a big quake. Plus, with an A-frame house bolted to a slab foundation, my house, built 1979, has a good chance of withstanding a large quake.
But on the other hand The Hayward Fault has ruptured about every 140 years for its previous five large earthquakes. October 21, 2008, marks the 140th Anniversary of the 1868 approximate Magnitude 7 earthquake
. Plus, since I am now renting out my home I may be obligated to provide alternate housing to tenants if their home is destroyed.
. Plus seen this