25 years after the Nisqually earthquake, PNW residents are urged to review their insurance coverage

By The Chronicle staff

Saturday, February 28, marked the 25th anniversary of the 6.8 magnitude Nisqually earthquake that shook Western Washington’s Puget Sound region. This significant event is a reminder that the best time to prepare for the next big earthquake is before it happens, a Northwest Insurance Council news release said.

Following the 2001 Nisqually earthquake, more than 9,500 insurance claims were filed, and insurance companies paid out more than $315 million to help policyholders repair homes and businesses. However, according to the release, most homeowners and many businesses in the area today still do not carry earthquake insurance.

Many people assume that earthquake damage is covered under standard homeowners or business insurance policies, when it is not. Earthquake coverage is usually available as a separate policy or endorsement. Deductibles often range from 20 to 25 percent of the insured value of the structure, which can discourage some buyers, but coverage costs vary widely based on risk factors and building characteristics, according to the release.

Surveys indicate that only 10 to 20 percent of insured homeowners in Washington and Oregon also have earthquake coverage.

“Earthquakes are inevitable in our region. It doesn’t have to be financial devastation,” said Kenton Bryan, president of the Northwest Insurance Council. “Reviewing your coverage now — before the ground shakes — gives families and business owners options. After disaster strikes, it’s too late.”

For more information, visit https://www.nwinsurance.org/asset/699de83be0fdf.

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