Should i get earthquake coverage on my condo insurance?

Question

I live in St. charles missouri. I just moved here 2 years ago, and we only have tornados , i dont think this is an area for earthquakes. I just signed up for condo insurance with statefarm, and i was wondering if i should get the earthquake coverage. I dont really think i need it , since st. louis doesnt seem like a logical place for earthquakes, but hey, ive only lived here 2 years. is it worth the extra 60 bucks a year?

Answer 1

The New Madrid fault line runs just south of St. Louis. It is not as active as the fault lines in California, but just as dangerous if it should adjust. It might be a worthy investmnet for you.

Answer 2

Not to scare you, but one of the nation’s largest earthquakes was centered in New Madrid, Missouri, in 1812. It shook buildings as far away as Boston. The chances of a major earthquake may be small, but the risks to your finances could be huge. Should your condo be badly damaged, its value will go down, meaning you will not have the equity to draw on to pay for repairs. I recommend discussing the issue with an insurance broker. A broker works with several companies and often handles several kinds of insurance. To find one in your area, log onto a site like http://www.homeownerswiz.com and complete the online form. Good luck!

Answer 3

Read your condo's Master Policy.  See what it covers then make your decision.

Answer 4

Maybe Iam the one who should get an Earthquake insurance because youre so Pretty... U rock my world =)  

If its unllikely for your place to get an earthquake then go for someother insurance coverage that is more common such as a fire insurance.

Answer 5

I would say it's a good investment. Back in the early 1900's there was a major earthquake near the Tennessee/Missouri state line that made the Mississippi River run backwards for a bit. I would say that if one happened like that again, it would probably affect you in the St. Louis area also. It's  a pretty small monetary investment considering it would be an absolute devistation if it actually ocurred.

You can also check to see if $60 is the cheapest they can quote you. You can change your earthquake deductible to help lower your rates. Many homeowners(not sure about a condo-owner) policies will carry a standard 10% deductible. You could lower your premium even more if you went to a 20% deductible.

Answer 6

I agree with one of the previous answers "Check your Master Condo policy" however this would only cover the building as defined.  You are sitting on one of the major faults in the country and while it has not created much of a problem todate----that does not mean it could not happen.  Check with your agent and have him show you the "quake maps".  Not sure the dollar value of your coverage for $60 but seems like a pretty good buy .