Search thousands of topics on CostHelper

BROWSE ALL TOPICS >> babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business sports weddings
CostHelper > Personal Finance  > Insurance > Earthquake Insurance

Earthquake Insurance Cost


How Much Does Earthquake Insurance Cost?

 
low costLow: Less than $1 per $1,000 valueaverage costMedium: $1-$3/per $1,000 valuehigh costHigh: $3-5+/per $1,000 value
post Post   Comments (1)  

Costs differ significantly depending on location and type of structure. Older buildings generally cost more to insure than newer structures. Most property insurance does not cover a loss that results from an earthquake unless you purchase separate earthquake insurance.

Typical costs:

  • Premiums are often set in multiples of $1000 replacement value costs.
  • In the Pacific Northwest, wood frame: $1-3 per $1000 replacement value; brick $3-5 per $1000 replacement value. A 2000 square foot wood frame house in Seattle with a replacement cost of $250,000 might cost $250-$750 a year to insure.
  • In the East Coast, wood frame:50 cents or less per $1000 replacement value; brick 60-90 cents per $1000 replacement value. A 2,000 square foot wood frame house in Buffalo with a replacement cost of $200,000 might cost $100 or less a year to insure, according to the Insurance Information Institute[1] .
  • In California, costs vary widely depending on the construction of the building, how old it is, how close it is to seismically active areas and the stability of the soil in the area. The average cost statewide is $500, but it can be more than $3,000 a year.
  • Most rates in California are set by the California Earthquake Authority and can be estimated at Earthquake Authority.com.
Related articles: Homeowner's Insurance, Flood Insurance

What should be included:
  • Coverage helps repair the damage to your home, ensures that new construction conforms to current building codes, replaces your personal property and provides for living expenses while your home is rebuilt.
Additional costs:
  • Lower deductibles increase premiums.
Discounts:
  • Premiums may be affected by the quality of construction on the covered building including whether the structure is bolted to the foundation, location and bracing of interior walls, straps that support the water heater, the way shelves are mounted to walls.
Shopping for earthquake insurance:
  • Ask the insurance company to suggest any repairs or improvements that can help minimize damage and reduce premiums.
  • Earthquake insurance deductibles are often much higher than those of typical homeowners insurance. Find out exactly what is covered by the policy.
  • Free quotes are widely available online at US Insurance Online.com[2] .
post Post   Comments (1)  
CostHelper News


10 Quick and Inexpensive Home Makeover Projects To Do While At Home
You may not be able to host the large family gathering for the holidays, but there are still many ways to pick up items curbside to spruce up your indoor space for your everyday enjoyment and to bring a more festive spirit. || Posted December 30 2020


10 Key Ways to Prepare for Extreme Snow
Forecasters are predicting a true nor'easter will hit the eastern and central states with rain, thunderstorms, ice, snow and high winds over the Thanksgiving weekend. It's crucial to plan ahead, before bad weather hits. || Posted November 26 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments
EARTHQUAKE INSURANCE
Amount: $1,600.00 per year
Posted by: MACBUBBA in TARZANA, CA.Posted: August 17th, 2010 04:08PM
Insurer: PACIFIC SELECTInsured Amount: 849,000.00
BEWARE !!
THIS COMPANY IS AS CROOKED AS A DOGS HIND LEG. I PAID MY PREMIUM ON LINE & IT WAS ONE DAY LATE & I GOT CANCELLED AFTER 15 YRS OF POLICY. SAID WE HAVE A 3 DAY UNDISCLOSED CANCELLATION POLICY . FIGURED I GAVE THEM OVER 20K ALL IN ALL
Was this post helpful to you?   yes     no Report prohibited or spam


 

Comment On Your Experience With Earthquake Insurance
 
Subject:  *
Amount Spent:  * per year
Insurer: Insured Amount: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www.iii.org/media/hottopics/insurance/earthquake
  2.  www.usinsuranceonline.com/?
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Do Funeral Flowers Cost? How Much Do Tax Returns Cost? How Much Does Closing a Home Cost?

Search Thousands of Topics on CostHelper.com

 
Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
shoulder mri
Paid: 8000.00
Seriously, 8K for an MRI before all the secret insurance kicks in. I was stuck with a 1200 bill and my insurance is pretty good. This is insane for a 20 minute procedure with no nurse assistance... [more]
-stevej45
MRI Cost
Garage conversion for larger Den. Old den will become Breakfast room
Paid: 21000.00
We removed garage door, put in a 107'X60" window and exterior door. We also framed/sheet rocked where the garage door had been and built a closet... [more]
-USAF Retiree's wife
Garage Conversion Cost
Traffic citation
Paid: 500.00
Flat rate... [more]
-OL
Traffic Ticket Attorney Cost
what should have cost under 100
Paid: 399.67
had my back wheel stuck on someone's driveway and I was pulled out as easily as a tractor could have done... [more]
-Morgan Moonscar
Towing a Car Cost
Why is dental insurance stuck in the 80's?
Paid: 55000.00
In 1986, I started my first full time Big Girl job, which came with options for medical insurance that ranged from "Volkswagon to Cadillac, and everything in between" which was up to me to choose based on my needs, what I could af... [more]
-Frogsoup09
Dental Implants Cost
Sticker shock
Paid: 389.00
I was totally shocked it came to 385 for one pair of glasses! Usually 220 at costco... [more]
-Diana Evans
Eyeglasses Cost