Earthquake insurance

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Wayne Grow's picture
Wayne Grow
Status: Member (Offline)
Joined: Sep 19 2008
Posts: 21
Earthquake insurance

 I live in the Pacific Northwest and so preparing for the big one is a factor. Earthquake insurance for my residence is approximately $1200 per year. Although I like the idea of this insurance I wonder if the insurance companies will simply go bankrupt if/when the big one hits as they become overwhelmed by claims.Will there be any sort of pay out  if the insurance company folds? Thanks for your thoughts. 

Edwardelinski's picture
Status: Gold Member (Offline)
Joined: Dec 23 2012
Posts: 313
Earthquake Insurance

Before deciding check out Consumer Reports and Nerd Wallet.From a financial standpoint,Liberty,Farmers,Allstate and Statefarm are financially sound..

Thetallestmanonearth's picture
Status: Gold Member (Offline)
Joined: Feb 28 2013
Posts: 321
re: Wayne

Hi Wayne,

I unfortunately don't have much insight to share, but I'm also in the PNW and I've wondered about the same thing.  I have homeowners through State Farm and their quote was about $700/yr higher if we add earthquake of now I don't have it, but watching what's happened with fires and hurricanes this year make me wonder if it's worthwhile.  Alternatively, I could take a few years of premiums and have an engineering firm do seismic retrofits to the house....nothing is a guarantee, but I'd rather prevent a problem than insure it.  Realistically I'll probably just wait until it's too late and deal with what may come. haha.  Let us know what you decide.


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