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CA earthquake insurance
Old 05-21-2019, 08:22 AM
  #1

I have my EQ insurance through State Farm and they use California Earthquake Authority. Well, the rates went up a lot, so I'd like to shop around. Does anyone use a different insurance company for earthquake insurance that you like? Thanks!


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Earthquake insurance
Old 05-21-2019, 09:34 AM
  #2

We live in CA. When we bought our house our insurance adjuster asked ďDo you want earthquake insurance?Ē All the while shaking his head no.

He said the deductible was more than the House was worth. But, that was 33 years ago.
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Old 05-21-2019, 10:00 AM
  #3

I get mine through Liberty Mutual. Not sure how much yours went up. Mine was the same as the past two years.
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Old 05-21-2019, 10:03 AM
  #4

Iím with keltikmom. I also live in California-earthquake-country. My insurance company, which has never been needed for earthquake damage (and Iíve been through some pretty big ones), is called Amigaís Savings Plan.
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EQ Insurance
Old 05-21-2019, 10:05 AM
  #5

The problem with the EA is that it is all put in a pot. When the pot is gone, you're out of luck. If you don't get your claim in first, then there may be nothing left when you do file.



We have had GeoVera for years. Yes, it's expensive, but when you file a claim, they take out your deductible and then give you the claim. Many companies make you wait until you have paid the deductible before they will pay out.


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Old 05-21-2019, 11:35 AM
  #6

We've lived in SoCal for almost 20 years and my MIL who is an independent insurance agent (in Central CA) advised us against earthquake insurance.
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EQ insurance
Old 05-21-2019, 11:43 AM
  #7

Thank you all! I looked into Liberty Mutual and they won't insure me unless I do all of my insurance with them. GeoVera was pretty much the same as my current quote. This stuff costs so much, but I'm risk averse.
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EQ insurance
Old 05-21-2019, 12:57 PM
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Quote:
We've lived in SoCal for almost 20 years and my MIL who is an independent insurance agent (in Central CA) advised us against earthquake insurance.
What was the reasoning?
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Cost
Old 05-21-2019, 03:45 PM
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Earthquake insurance would cost me $18,000 per year and my deductible would be $90,000
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earthquake insurance
Old 05-21-2019, 05:01 PM
  #10

Quote:
Earthquake insurance would cost me $18,000 per year and my deductible would be $90,000
Wow! Mine costs $250.


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Old 05-21-2019, 06:33 PM
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Don't understand how it could be so low? That is what my dd pays for renters insurance. Are you in California?

I would live to know your insurance company.
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Old 05-21-2019, 06:50 PM
  #12

sonoma, yes I'm in SoCal. I'm with Liberty Mutual. I also have my homeowner's insurance with them. My house is 45 years old.
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Old 05-21-2019, 09:07 PM
  #13

I live in the SoCal desert, and the home earthquake insurance which I get through Farmer's only costs about $500 per year. All insurance companies in CA offer earthquake insurance through the CEA. I believe the state created CEA precisely because the established companies didn't want to insure the high risk area known as the great state of CA. The difference in prices is based on your house size and value, plus your location in relation to earthquake risk zones. At least that's the way it was explained to me.
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EQ insurance
Old 05-22-2019, 09:31 AM
  #14

Quote:
The difference in prices is based on your house size and value, plus your location in relation to earthquake risk zones.
That is what I understand too. I'm in the Bay Area and can see the fault, so I'm high risk. Also, my house is worth quite a bit, so that also makes the premium high.
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Old 05-22-2019, 09:36 AM
  #15

I found that out. I contacted Liberty Mutual and their cost was a little lower but their deductible was much higher.
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Old 05-22-2019, 07:58 PM
  #16

Ha I would invest more in wildfire insurance at this point lol! Does that even exist?
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