Most home insurance policies here in Oregon do not include coverage for earthquake damage (and if they do, the deductibles are quite high).
Which is why we’re glad to report that we’ve recently secured some better earthquake insurance options. This is through a company called GeoVera, which specializes in insuring homes against catastrophic risks.
(We’re not geologists, but rumor on the scientific street is that there’s a decent chance of a major Cascadia quake in the PacNorthwest within the next 50 years.)
Here are the highlights.
Financially strong. Some insurance companies disappear in catastrophes because they aren’t financially resilient. GeoVera has excellent financial ratings (“A” on AMBest) and specializes in insuring catastrophic type risks. They’re financially prepared to handle a catastrophe.
Lower deductible options. While earthquake coverage on most home policies comes with deductibles of 15% or 20%, GeoVera often allows for a deductible of 10% or lower for similar cost. That’s a big deal! For example, on a $500,000 home, a 5% deductible difference can mean a difference of $25,000 at claim time!!! (That wasn’t a typo, twenty-five thousand!)
More flexible options. Under a standard home policy, you’re usually locked into the same coverages. This isn’t all bad, but we know our clients have different preferences.
You might care less about your personal property than just ensuring that your home structure is covered. Now there’s a reachable option. Or, you might want a robust policy with a single deductible. Now there’s an option. Or, perhaps you want to adjust the different lines of coverage. Now that’s possible.
Common Questions
What homes qualify for earthquake coverage? Most homes in our area (Hillsboro, Aloha, Beaverton, and Portland area) qualify. While some homes won’t (say if it’s near a cliff or built on stilts), most qualify if they’re less than 100 years old.
Earthquake retrofitting is not typically required, though a retrofit can give a discount and prevent major earthquake damage besides. (Retrofitting is a process used to improve earthquake resilience.)
Should I get earthquake insurance for my home here in Oregon? A good question. If your home is among your biggest assets or if you don’t have a second place to live if an earthquake were to make your house unlivable, we think it’s a good idea. (To dig deeper, visit our Assessing Earthquake Risk in Oregon).
Yeah, but what’s the typical cost? For an 1800 sq foot house, options often range from $300-$600. Yes, that’s a big range, but pricing depends on the home information and options you choose. Drop us a line or give us a ring and we’re glad to email over numbers for your home.
We won’t endlessly stalk you. We believe that it’s your stuff, it’s your money, and it’s your life.
If you want to dig further, you can use GeoVera’s page for quoting earthquake insurance in Oregon. Or if you want us to do the work … send us a quick note, and we’ll check for you.
Learn more About Us (actual people!), our Sensible Approach, or our Carriers.