Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

dutch777

(3,072 posts)

6. Wonder when the west coast insurers will realize that carrying earthquake insurance will sooner or later bankrupt them.

Reply to brewens (Reply #3)

Thu Mar 28, 2024, 03:10 PM

Mar 28

I lived in Seattle for many years. The info about the big subduction zone earthquake probability hadn't come out yet but we decided to get an earthquake rider for our homeowners insurance. 30 years ago it added $500 to our annual cost and was subject to just the basic deductible of a few thousand $$$. A few years later they added that earthquake had $20,000 deductible but still stayed affordable. When the news about the subduction zone risk came out, coverage for earthquake went thru the roof, deductible increased again and we were told if we didn't already have the coverage they wouldn't sell it to us.

Edit history

Please sign in to view edit histories.

9 replies

= new reply since forum marked as read

Highlight:

Property insurance affordability crisis-- where does it end? [View all] dutch777 Mar 28 OP

I just heard an interview on Fresh Air about FAIR insurance RSherman Mar 28 #1

CItizens Insurance, the state back FL insurance company is being investigated by congress flamingdem Mar 28 #4

It could lead to a lot of unanticipated migration. The FL insurance example last I read though is proving insolvent. dutch777 Mar 28 #5

I am waiting on a fire sale on a small bungalow cachukis Mar 28 #2

We won't have long to wait for a partial answer I'm afraid. The next big one to hit Florida might wipe brewens Mar 28 #3

Wonder when the west coast insurers will realize that carrying earthquake insurance will sooner or later bankrupt them. dutch777 Mar 28 #6

You aren't going to like the answer NickB79 Mar 28 #7

This is my concern RSherman Mar 28 #8

There will certainly be a shift to less vulnerable locales. Some may be able to "armor' themselves but will take time. dutch777 Mar 29 #9