Earthquake insurance

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danl

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Joined
Mar 4, 2004
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739
City & State/Province
Missouri
Does everyone or no one carry homeowners earthquake insurance?

Here in SE Mo it will cost me about 450.00 year, am trying to decide whether to keep it.

I am getting it for 168.00 right now on my farm policy, because I am grandfathered in, if I switch to a less expensive homeowner policy with a separate farm liability policy, I lose it and it will cost me about 450.00 a year to add it back.

It is giving me a headache....
 
I actually sell insurance here in MO and EQ insurance gives me a headache too. Many carriers are dropping coverage all together and then forcing the agent to look to a broker which will mean higher premiums for the consumer. The deductibles are rarely explained correctly by most agents it seems. A lot of consumers think their all peril deductible will apply when it is generally a 15% deductible. $100,000 house would be a $15,000 deductible. I personally don't carry EQ as I'm far enough away from the fault line I should be ok. I would however recommend it if I was selling in South East MO depending on my proximity to the fault line and the construction of the home. If nothing else I would be recommending it and requiring the client to sign a document stating they elected to decline coverage. This would be a CYA for the agent.
 
I have it. I'm not sure where the New Madrid Fault is exactly, but I gotta be close. Plus I had a catastrophic insurance claim once. I was glad that I had insurance. I would encourage everyone to review their policyies once a year with an agent they trust. I always did, and when the deed went down I wasn't sorry.
 
Frankly I am not sure if I have it or not. But if it were costing that much I would just self insure. I have been through a couple 6.4 size earth quakes and they never cause a bit of damage to my house or the house of anyone I know. Damage is generally just to bigger commercial buildings and roads.
Historically we have a big one (9.0 or bigger) one every 300-500 years. The last one was 313 years ago. So I guess we are due. But with a 9.0 the insurance man isn't going to be much help because he will be under a pile of rubble too.
 
The policy I have is a 20 % deductable, which would be about $60,0000. That is a chunk.
I am close enough to the fault line several companies stopped selling it here, I have Nationwide now and if I stay with the same policy I can keep it, but if I even switch policies within Nationwide I lose it.

Also wonder if we have one big enough to need insurance will there be anybody left to worry about it???
 
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There has been talk of creating a earthquake pool type coverage at the Federal or even State level to mimic flood and in some states wind coverage. I've been hearing it for several years though with not much movement one way or another.
 
What I really need is to find a good psychic and just purchase the insurance right before the quake. Unfortunately all the people I know are more psychotic than psychic...
 

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