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Since earthquakes aren't the norm in your guys' part of the country, are the building codes out there required to take on any sort of earthquake codes like they are here on the West Coast?
 

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Discussion Starter #43
Heck no! As far as I know there are no extra earthquake specific codes - at least on residential construction. There are probably stricter requirements on commercial property. Most codes specific to this area are for storms and hurricanes.

Which I seriously need to look into. At least on the insurance front, as earthquakes are not covered on my homeowners policy.
 

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Homeowner insurance here in California typically does not include earthquake insurance. If it is optioned in, there are often times high deductibles associated with it, $50k not being a surprising deductible amount.

But then many people, myself included, get into the debate of why have earthquake insurance when there's FEMA. 🤷‍♂️
 

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Homeowner insurance here in California typically does not include earthquake insurance. If it is optioned in, there are often times high deductibles associated with it, $50k not being a surprising deductible amount.

But then many people, myself included, get into the debate of why have earthquake insurance when there's FEMA. 🤷‍♂️
I just started with earthquake insurance last year to complement my homeowners insurance. Why? because I have a good deal of equity in the property after 10 years of ownership.
  • All earthquake policies have the same price no matter who is servicing your insurance because its all underwritten by the California Earthquake Authority (CEA).
  • Side comment: if you have an older house, look at the Building Ordinance or Law Coverage. If have of your home is damaged, most policies will only pay you to repair the amount damaged. however, if enough of your building is damaged, you may be required to bring the undamaged portion up to the current building code ordinances. Op or Law coverage means how much money your policy will pay for these code-mandated updates. One reason I picked SAFECO for my policy was because the Op&Law coverage is 100%; meaning I could get almost 2x to repair my house (built in 1927) if the house catches fire and becomes a teardown.
  • To give you an idea of scale, earthquake coverage runs about 66% of my normal homeowner's policy. It covers the same amount of home (roughly $500K and has a $100K deductible). it's basically a policy for catastrophic damage vs just cracked plaster walls. The one feature that really got my attention is that it also covers $100K worth of loss of use. If our house is unliveable b/c of an earthquake, we've got to live somewhere and the insurance policy will cover us if the homeowner's policy falls though.
  • If you expect the big one to come within the next 30 years, the policy is roughly 2% of our mortgage. I hate wasting money but that's a backstop I think is worth paying.
 
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