In a recent LA Times piece, the very common question from condo owners (and single family owners as well) came up. Is it worth it to buy earthquake insurance? Take a look at this...
Question: I'm president of a 44-unit homeowner association in the Torrance area. Every year we purchase earthquake insurance, which carries a 20% deductible and a premium for each owner of about $350 a year on a $12-million policy for the association. Many owners don't want to pay the premium, preferring no earthquake insurance because the deductible is so high. I calculate that each homeowner would have to come up with about $54,500 as a deductible before insurance kicks in. In the event of a catastrophic earthquake, I'm not sure owners will be able to come up with such large deductibles. How can we handle this?
For some of you, the answer will make your stomach turn... READ MORE HERE
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