EARTHQUAKE!!!!!

[jpinpb]

Agree. That lasted longer than usual. Most of the time it goes like this: “Oh. Are we having an earthquake? Yeah. Should I go stand outside? Nope. Over.” Just a couple seconds worth. This time you had time to say, “Shit. It’s not stopping.” AND have time to go outside and say it some more.

[booter1]

Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.

[booter1]

Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.

[booter1]

Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.

[booter1]

Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.

[booter1]

Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.

[Coronita]

[quote=booter1]Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.[/quote]
Nope.

[Coronita]

[quote=booter1]Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.[/quote]
Nope.

[Coronita]

[quote=booter1]Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.[/quote]
Nope.

[Coronita]

[quote=booter1]Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.[/quote]
Nope.

[Coronita]

[quote=booter1]Question on Earthquake insurance in CA
Been thru a few moderate ones when we lived in OC previously….

May be relocating back to southern CA and checked with USAA to inquire about earthquake insurance.
For a home around $600,000 or so they are quoting around $2000 month (approx) with a $50,000 deductible…

Doesn’t seem like the risk/reward is worth it…

If damage below $50,000 I eat the cost..
Assuming damage above $50,000 I could lose downpayment/equity
(so if I put $100,000 as dp I could lose the additional $50,000 if house totally demolished.
Anything higher the bank can have the pile of toothpicks..

The bottom line it-seems like I am paying $2000 per month to insure against potential loss (due to earthquake) of $50,000

Am I missing anything?
Do most people carry earthquake insurance in CA?

Thanks.[/quote]
Nope.

[Eugene]

A couple of points:

$2000/month is at least an order of magnitude too high. That’s probably $2000/year.

Insured value is not the same as purchase value. For a smaller house in a desirable area, it could be significantly less. Conversely, in a place like Hemet or Perris you may need to carry insurance for more than what you pay for the house. Estimate insured value as $175/sq.ft. of total area.

Premium can vary significantly depending on earthquake risk. All else equal, you might pay $20/month for a nice big house in Poway or San Diego, $90/month for an identical house in Temecula, or $150/month for an identical house in San Bernardino.

[Eugene]

A couple of points:

$2000/month is at least an order of magnitude too high. That’s probably $2000/year.

Insured value is not the same as purchase value. For a smaller house in a desirable area, it could be significantly less. Conversely, in a place like Hemet or Perris you may need to carry insurance for more than what you pay for the house. Estimate insured value as $175/sq.ft. of total area.

Premium can vary significantly depending on earthquake risk. All else equal, you might pay $20/month for a nice big house in Poway or San Diego, $90/month for an identical house in Temecula, or $150/month for an identical house in San Bernardino.

[Eugene]

A couple of points:

$2000/month is at least an order of magnitude too high. That’s probably $2000/year.

Insured value is not the same as purchase value. For a smaller house in a desirable area, it could be significantly less. Conversely, in a place like Hemet or Perris you may need to carry insurance for more than what you pay for the house. Estimate insured value as $175/sq.ft. of total area.

Premium can vary significantly depending on earthquake risk. All else equal, you might pay $20/month for a nice big house in Poway or San Diego, $90/month for an identical house in Temecula, or $150/month for an identical house in San Bernardino.

[Eugene]

A couple of points:

$2000/month is at least an order of magnitude too high. That’s probably $2000/year.

Insured value is not the same as purchase value. For a smaller house in a desirable area, it could be significantly less. Conversely, in a place like Hemet or Perris you may need to carry insurance for more than what you pay for the house. Estimate insured value as $175/sq.ft. of total area.

Premium can vary significantly depending on earthquake risk. All else equal, you might pay $20/month for a nice big house in Poway or San Diego, $90/month for an identical house in Temecula, or $150/month for an identical house in San Bernardino.

[Author]

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