Earthquake insurance?

f1vancMarch 23, 2010

This might be a very dumb question, but like they say about the only dumb question...

We have been in our first manufactured home for a little less than a year and I recently inquired to our insurance man (Allstate) about the possibility of some coverage for earthquake damage. We live in the northwest and the subduction zone off the Oregon coast is well overdue for a solid quake. He said they had nothing they could offer.

My question to the forum is: Are there any legitimate companies that offer this type of coverage for manufactured homes, do any of you have it?

Thank you in advance for any help.

John

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pris

I don't know about earthquake but, on the coast in hurricane zones, mobile/manufactured home insurance premiums go up after a hurricane hits the area and slowly goes down if there is no activity for several years. They also have higher rates the closer to the shore you get. For example, there is one area where if you live on one side of a particular highway your rates are higher than if you live on the other side. I don't think homeowners insurance can exclude disasters as if it did it wouldn't protect the lender but you would face an increase in premium if one should occur. One caveat to that would be flood (rising water). That requires separate insurance.

    Bookmark   March 27, 2010 at 12:02PM
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forboystoo

Check with State Farm and Farmers..They sell for Foremost out of MI....I know here in CA I was offered earthquake coverage but took flood instead ( I don't know why )..........

    Bookmark   April 2, 2010 at 11:34PM
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jkom51

I live in CA and it's the state law that all homeowners insurance carriers must offer, once a year upon renewal time, earthquake coverage. The terms are modest and little allowance is given for personal possessions, compared to the state-sponsored earthquake insurers, which are often smaller subsidiaries of major carriers, whose names you've never heard of.

Whether you could find earthquake insurance on a manufactured home is a difficult question. I'd suggest you call several insurance agents and start asking them if they sell such policies, or can suggest someone who might. Also, don't forget to check with AARP, as they partner with a carrier for manufactured homes, I believe. Even if you're not eligible to join AARP the important thing is to find out who the carrier is and whether they offer earthquake coverage to individuals.

Because earthquake damage starts at the foundation, I am doubtful you could find a suitable policy unless the manufactured home was on a standard foundation, bolted down. Here in CA many insurers will not even offer policies to homes like mine, standard SFH on a bolted foundation but without plywood shear walls.

Good luck to you and congratulations on your new home.

    Bookmark   April 6, 2010 at 2:03PM
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tappantrailer

John,

I'm not sure if it is worth getting earthquake insurance. As one poster said, here in CA, it is required to be offered at time of policy purchase and at renewal.

I can tell you that the earthquake rider is always a huge deductible (like $10.000-20,000) and not cheap on premiums (would double my $600 annual premium). Hardly anyone I know buys earthquake because of the high deductible.

    Bookmark   April 11, 2010 at 7:51PM
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