Washington Insurance Council

                  Consumer Alert

Contact: Karl Newman, Executive Director      
Release Date: 3/02/2001

Washington Insurance Council    
Phone: (206) 624-3330
Fax: (206) 624-1975
karl.newman@wa-ic.org

Earthquake insurance: higher premiums for higher risks

SEATTLE – Broken windows, cracked walls and damaged valuables may just be enough to persuade many homeowners to purchase earthquake insurance and protect themselves and property for the next potential quake.

But, earthquake insurance is not cheap.  Homeowners should be prepared to face high premiums depending on various criteria such as location and the type of build.

This higher cost comes at the price of higher risk.  Many earthquake insurance policies may have a deductible ranging from 10 to 25 percent of the market value of the home.  For example, if a wood-built home is valued at $200,000, a deductible of $20,000 to $50,000 may be ensued. 

“QUOTE FROM KARL”

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