Would you advise homebuyers to invest in earthquake insurance? Why and why not?

A: This is a common question that is often asked when exploring insurance options. It also depends on what kind of property the buyer is buying.

In apartments, insurance is usually covered by homeowner’s insurance, and very few apartment associations have earthquake insurance, due to the high deductible premiums. These costs tied to the monthly HOA fee can get quite expensive. A lot of times HOA members (owners) don’t vote in favor of having it. You cannot have earthquake insurance on a single unit in an apartment building.

However, please note that apartment dwellers and tenants have policies that cover your personal possessions and unit improvements. In the 1989 earthquake, Marina residents, whose property I know are insured, discovered that it really helped them furnish their new home when they moved to a tougher floor base.

I had clients who lost everything in the earthquake in Kobe, Japan years ago, so they were adamant about purchasing earthquake insurance upon closing. Cost for them was not an issue.

Contrary to the thinking of some buyers outside of the country, lenders do not require earthquake insurance. If you have a full cash purchase, it definitely makes sense to protect your investment.

This decision is mainly due to personal preference and the comfort level of the buyer.

Jenny Anderson, Compass, 415-271-4887, jeannie.anderson@compass.com.

A: Since we live in earthquake country, I recommend homeowners to have an earthquake insurance policy. Homeowners need to ask themselves if they can rebuild their homes and replace their personal belongings in the event of an earthquake. This will only be covered by regular homeowner insurance if affected by a secondary cause such as fire rather than ground movement. In the Gulf region, it is not uncommon for politics to run $ 2,000 a year.

Some things to consider: What are the limits of the policy? How much coverage you can buy depends on your insurance company, but you want to make sure you buy enough coverage to rebuild your home if it gets destroyed. How much is the deductible? Earthquake insurance discounts range between 10% and 25% of your home cover limit.

What are “special borders”? Earthquake policies are often filled with special limits on the price at which repair structures for certain elements will appear. For example, they may limit the amount they will pay to replace a computer or to remove a felled tree and some policies will not cover damage to swimming pools.

Jeff Lamont, Coldwell Banker, 650-740-8808, jlamont@cbnorcal.com.

A: No one who has gone through a disaster regrets taking “a lot” of insurance.

Multiple earthquakes occur every day in the San Francisco area less than 2 on the Richter scale, and most of them have never been felt. In 2019, for example, there were 845 such aftershocks. But once a score of greater than 7 is reached, it often wreaks havoc.

With construction costs exceeding $ 400 per square foot, it’s surprising that only 10% of California homeowners have earthquake insurance. The reason, of course, is the total cost to about $ 2,500 to cover $ 500,000. And if the policy has the most common discount rate of 15%, the homeowner is responsible for the first $ 75,000.

This is why I recommend that new homeowners at least do retrofit work like clogging the foundation.

Astrid Lacitis, Vanguard Properties, 415-860-0765, astrid@vanguardsf.com

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