I have been carrying earthquake insurance for several years, but it's gone up so much this past year, I'm wondering if it's worth the cost. The insurance charges a 10% deductible, so I'm thinking the only way they would pay anything is if it was a total disaster. Anything less, and it would come out of my pocket anyway.

I'd like to hear from anyone about this subject.

Thanks.
Carol

I would never go without it. The 10% is based on the total cost of repairs. We had a rental with significant damage in an earthquake. They estimated $30,000 in damage. The insurance company paid us $27,000, but the actual work was about $25,000. We have always carried it, no matter the cost.

You are in Kentucky, there is little need for earthquake insurance. I live directly on the New Madrid fault, and have for 14 years. I have more important things to spend my money on.

Now, if you were in California, yes, carry the earthquake insurance. But Kentucky, nah.

Quote:

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Originally Posted by J_9

You are in Kentucky, there is little need for earthquake insurance. I live directly on the New Madrid fault, and have for 14 years. I have more important things to spend my money on.

Now, if you were in California, yes, carry the earthquake insurance. But Kentucky, nah.

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That's why I need it!

Thanks for your responses. I just keep seeing conflicting information wherever I look. Better safe than sorry, I guess. But I feel like I'm wasting my money.

You are wasting your money, in my opinion. When was the last recorded significant earthquake in your area of Kentucky?

Conflicting information everywhere! Even the USGS says it “remains a concern” but then gives an estimate of only 10%.
It appears there have been minor tremors along the fault a lot, but nothing of any consequence since around 2009.

Here's some info I've found:

• Earthquake Index, #919 out of 948
Bowling Green, KY 0.02
Kentucky 0.24
U.S. 1.81
• The New Madrid fault lies in western Kentucky and a major earthquake has been predicted for years.
• He added that state officials regularly monitor earthquake activity in and around Kentucky, and that we’ve had some small ones in the past — nothing much that’s been measurable ... (but) that’s something you never know about.
• The New Madrid Quake zone is in the middle of the tension spot and may be ready to pop and relieve it’s pressure in a huge quake along the New Madrid earthquake zone.
• The New Madrid fault system does not behave as earthquake hazard models assume and may be in the process of shutting down, a new study shows.
• Another Government Cover Up... New Madrid Fault Is Waking Up... (Or Is 'Something' Waking It Up?)
• According to the USGS, there is a broad consensus that the possibility of major earthquakes in the New Madrid Seismic Zone remains a concern, and that the GPS data do not provide a compelling case for lessening perceived earthquake hazards in the region. The USGS recently issued a fact sheet reiterating the estimate of a 10% chance of a New Madrid earthquake of magnitude comparable to those of 1811–1812 within the next 50 years, and a greater chance of a magnitude 6.0 earthquake in the same time frame.


I wish I could find a concrete reason to justify paying for earthquake insurance. I guess nobody knows for sure about earthquakes though.

Quote:

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Originally Posted by caroln242

Conflicting information everywhere!! Even the USGS says it “remains a concern” but then gives an estimate of only 10%.
It appears there have been minor tremors along the fault a lot, but nothing of any consequence since around 2009.

Here's some info I've found:

• Earthquake Index, #919 out of 948
Bowling Green, KY 0.02
Kentucky 0.24
U.S. 1.81
• The New Madrid fault lies in western Kentucky and a major earthquake has been predicted for years.
• He added that state officials regularly monitor earthquake activity in and around Kentucky, and that we’ve had some small ones in the past — nothing much that’s been measurable ... (but) that’s something you never know about.
• The New Madrid Quake zone is in the middle of the tension spot and may be ready to pop and relieve it’s pressure in a huge quake along the New Madrid earthquake zone.
• The New Madrid fault system does not behave as earthquake hazard models assume and may be in the process of shutting down, a new study shows.
• Another Government Cover Up... New Madrid Fault Is Waking Up... (Or Is 'Something' Waking It Up?)
• According to the USGS, there is a broad consensus that the possibility of major earthquakes in the New Madrid Seismic Zone remains a concern, and that the GPS data do not provide a compelling case for lessening perceived earthquake hazards in the region. The USGS recently issued a fact sheet reiterating the estimate of a 10% chance of a New Madrid earthquake of magnitude comparable to those of 1811–1812 within the next 50 years, and a greater chance of a magnitude 6.0 earthquake in the same time frame.


I wish I could find a concrete reason to justify paying for earthquake insurance. I guess nobody knows for sure about earthquakes though.

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As J-9 stated, if you live in California, you should have it. If my risk was as low as yours. I wouldn't.

Thanks for replying!