Earthquake Insurance Cost

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.

• 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.

• Lower deductibles increase premiums.

• 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.

• 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] .

1.  www.iii.org/media/hottopics/insurance/earthquake
2.  www.usinsuranceonline.com/?

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