Oregon Earthquake Insurance | Bank

Living on the west coast of the United States, many residents felt the patches of earthquakes and aftershocks in their lives. According to the 2014 U.S. Geological Survey, Oregon is one of the 16 states with the highest risk of earthquake activity.

Oregon homeowners who have insurance to protect their homes and properties may assume earthquakes are covered in the standard policy. While some homeowners’ insurance policies offer additional coverage, they are not automatic, and there is usually an additional premium for earthquake protection.

Why Oregon Homeowners May Want Earthquake Insurance

Earthquake insurance provides coverage for any direct material loss to the building and personal property due to an earthquake. It does not provide coverage for erosion, landslides, tsunamis, or volcanic eruptions, even if it was caused by an earthquake or aftershock.

In Oregon, there were an average of 2.8 earthquakes of magnitude 3 or higher annually between 2010 and 2015. The Portland metro areas and Klamath Falls have the most significant seismic activity, making these locations highly vulnerable to earthquake damage. Earthquakes have the potential to cause massive damage and even destroy your home, necessitating the need for rebuilding, which is not usually covered by a standard homeowner’s insurance policy.

Home-specific reasons earthquake insurance may be required

How close you are to the many fault lines that run through Oregon and how your home is built are key elements to consider when determining whether earthquake insurance is worth the cost.

The interactive fault line map of the United States Geological Survey shows all known and documented fault lines within the Oregon border. New crack lines are still being discovered, which could affect your home in the future, even if you aren’t near one of them now.

Some homes are built better than others, allowing them to withstand severe earthquakes. Due to increased seismic activity worldwide, Oregon introduced stricter building code requirements for homes and newly built buildings in 2012. Some homes were retrofitted to meet the new standards, while new construction must comply when built.

Older homes, multi-level homes, timber-framed homes, and those with crawl spaces are most at risk of severe and devastating damage if a major earthquake jolts Oregon. Brick and masonry homes have been shown to better withstand earthquake shock.

Other reasons Someone may want to have earthquake insurance

Earthquake insurance might be a good investment if:

You cannot afford to repair or rebuild your home after an earthquake. You do not have the extra money to cover living expenses to live elsewhere while rebuilding your home. You still have a loan on your home that you cannot pay for, plus the cost of rebuilding and living elsewhere while the construction is taking place. You live in an area of ​​Oregon with the most seismic activity. You live near the fault line. You live in an old house or house made of a frame. Where to get earthquake insurance in Oregon

The first place to look for earthquake insurance coverage in Oregon is with your current insurance company that deals with your apartment, homeowner, or tenant insurance policy. You may be able to add coverage to your existing policy or purchase a separate policy as you can with flood insurance.

If your insurance company currently does not have an option to cover earthquake, consider shopping for quotes. In Oregon, Arrowhead and GeoVera specialize in earthquake insurance. Many other insurance companies that guarantee home policies in Oregon also offer earthquake insurance options.

If you are on the fence about purchasing earthquake insurance for your home in Oregon, be aware that after any major seismic event, most insurance companies will stop, or discontinue, the purchase of earthquake insurance. It is a good idea to buy the insurance policy before an earthquake so that you are covered and on the other side of any policy waiting period before coverage becomes effective.

The cost of earthquake insurance in Oregon

The cost of earthquake insurance coverage varies in Oregon, but a 2009 survey in Portland found that the cost of insuring a wood-frame home with building coverage is $ 300,000 and personal property coverage is $ 150,000 to between $ 200 and $ 300 per year. Since home insurance premiums are generally based on current construction costs, these costs are likely higher today. If your home is brick or masonry, the price may also be higher.

With more than one earthquake insurance option, you might want multiple quotes to compare coverage options, discounts and cost, just like finding the best homeowner insurance deal.

The damage that an earthquake can do to your home can be devastating. Earthquake insurance can pay to rebuild or repair your home, replace your personal belongings and additional living expenses if you cannot live there while it is being repaired.

Although technology has given us the ability to predict earthquakes often before they happen, it does not give you the time to purchase earthquake insurance to protect your home. You need to weigh the pros and cons of purchasing earthquake insurance to determine if this is the right choice for you.

Frequently Asked Questions What is the best home insurance company?

Finding the best home insurance company depends on your coverage needs and your budget. If you are considering purchasing earthquake insurance coverage, ask if there is an option for additional coverage or if the company offers a stand-alone policy. It is always a good idea to shop and compare rates before purchasing any insurance policy.

What is a deductible earthquake in Oregon?

Even if you have additional coverage for your standard home policy, there is usually a separate deduction for earthquake insurance. Expect a discount of 10% to 15% in Oregon, which is a percentage of the coverage amount, not the loss. For example, if your home coverage is $ 150,000 and you have a deductible $ 10,000, you are responsible for the first $ 15,000 before the insurance company pays.

How much earthquake insurance do I need?

If you want to cover your home if it is a total loss, it is usually a good idea to have enough coverage to replace the entire home amount, which can be found on your homeowner’s insurance policy. If you want to cover your belongings, consider how much coverage you will need to replace if an earthquake damages your home. Talk with a licensed insurance agent to determine how much insurance you need.

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