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We've talked quite a bit about how a natural disaster might effect Angelenos should one hit since our nasty hurricane season has been so tragic this year. Well, since it is always earthquake season around these parts, the California Earthquake Authority is seeking to lower earthquake insurance rates throughout much of the state. Doug Simpson notes that less than 15% of California homeowners have quake coverage.
Well that just seems silly. We all know the big one (or an ornery little one in the wrong location) is going to happen at some point, why wouldn't most local homeowners have those types of protective policies? Has the damage of the Northridge quake faded from memory so quickly? It was just a little over a decade ago and there are still cracked, damaged and broken down buildings around town as a reminder.
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I'll tell ya why -- right now, the premiums are too high, as are the deductibles. Your house would pretty much have to be completely destroyed before you collect any money... and that's unlikely. (More likely, you'll have a couple thousand dollars worth of damage -- which means you wouldn't collect a dime.) I decided to bolt down our house instead, so that (fingers crossed) damage will be minor. But if the premiums actually become reasonable, I'll definitely sign up for insurance.
I'm right there with you. The cost for crappy coverage is astronomical - if decent coverage were affordable, more people would have it.
Ditto flood coverage and fire coverage - although if you're in an area that's prone to fire, you may not be able to get fire insurance at any price.