Louis B., Tr…, Home Owner in San Francisco, CA

Is earthquake insurance worth it?

Asked by Louis B., Trulia, San Francisco, CA Thu Mar 26, 2009

I live in a multi-unit building of condos in San Francisco which may have comprehensive earthquake insurance. Should it have insurance, is it worth getting earthquake insurance for my condo, specifically? If the building doesn't have coverage, what are my options?

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My understanding is that many condo buildings have earthquake coverage, partly so that the association and directors are protected, and of course, to protect condo owners. Usually the policy is structured with a high deductible to keep the premium down. The building and your unit are two different issues. I would think that you could get coverage only for your own unit's personal property, as opposed to the structure itself. If I were you, I would check with the Condo Ass'n and talk with your insurance broker. As an aside, you should have personal liability insurance as a homeowner, also with adequate limits for auto, plus at least a $1 million umbrella, especially if you have assets or earning power. Unfortunately there are too many greedy and opportunistic people around today, especially in SF. Just see how many lawyers there are in the yellow pages. Also, are you on hardrock ( eg Pacific Heights) or on landfill, like the Marina? Big difference. Good luck.
1 vote Thank Flag Link Fri Mar 27, 2009
Louis, I think you should spend some time checking on this map...http://earthquake.usgs.gov/eqcenter/recenteqsus/Maps/US10/32…

Read through all this info...http://quake.abag.ca.gov/ ....
Browse thru these pictures for a few hours...http://sfpl.lib.ca.us/librarylocations/sfhistory/equake-browse.htm

I think the honest opinion of most of the world is that when the Big One hits San Francisco in the next Thousand Years or Thousand seconds, what's the point of insurance unless you've left it all to cousin Joline in Denver where she is safe from the Tsunamis.

Good luck, Dunes
1 vote Thank Flag Link Thu Mar 26, 2009
If you don't have anything of value inside your condo it's not worth it. You may be surprised how little it cost per year.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Fri Sep 16, 2011
To get some information about your risk from earthquakes, and the potential damage to your home, you might want to check out the web site http://www.openhazards.com That site has free tools, as well as blogs and discussions by experts about the risks to your home. There are also free tools that allow you to place an earthquake near your home, enter information about the structure and site, and see the results of a rapid calculation of the potential damage and loss.

John Rundle
0 votes Thank Flag Link Fri Sep 16, 2011
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