How many of us have earthquake coverage in Washington?
In Washington state what percent of homeowners have Washington earthquake coverage?
According to the Washington State Insurance Commissioner only 11% of Homeowners have Washington earthquake insurance.
Washington residents know we’re overdue for a large earthquake. So, the low participation percent is alarming to some, others not so much.
At the risk of sounding like Capt. Obvious, Earthquake insurance is something that most either know they want it no matter what or simply decide not to take it when they’s buying their homeowners insurance.
Those that want it typically say:
- We have to be prepared
- I would feel better knowing we have it
- We don’t want to take the chance of losing our home
Those that know right away that they don’t want it typically to say:
- The coverage is expensive
- I don’t think our home will need it
- We would rather spend the money on something else
In my opinion, all these responses are fair. Everyone’s situation, finances and needs are different.
How expensive is Washington earthquake coverage?
Getting a quote is easy but the short answer on the cost is, it depends.
There are programs that give you some control of the cost by choosing a higher deductibles and / or the option to either insure just the home or the home and contents within. These options may make earthquake insurance much more affordable to some.
What to consider when purchasing an earthquake policy:
Many programs allow you to choose a policy that covers your home, it’s contents & more. You can also choose to cover just your home. You can choose a deductible that works for you and you can tailor the policy to fit your needs and budget.
- For example, you can choose a policy with a 10% deductible that may cost more per year as there’s a higher likelihood of payout if earthquake damage occurs. The benefit: if damaged, your may incur less out-of-pocket costs after deductible.
- On the other hand, you can choose a policy with a 25% deductible that may cost less per year. The benefit to this policy is annual savings. However, since the deductible is higher your home may have to incur more damage before the use of the deductible is effective.
- Options like 15% or 20% deducible exists.
In my opinion, the smaller deductible gives you the best chance of recovering faster and as close to whole as possible. The larger deductible is trade-off of cost savings today and the ability to have some coverage should the home be a near or total loss. Those with no earthquake have no options as coverage is not part of a standard home insurance policy.
Here’s what your neighbors are doing regarding earthquake:
- 8% of Western Washington homeowners have coverage for quake vs. 1.7% of Eastern Washington homes.
- 76% of all homes with quake coverage reside in King, Pierce, Snohomish, Thurston and Clark counties.
- The average insured home has earthquake insurance for $512,000.
Call for an earthquake quote today – 253-220-5430
Happy with your current provider but they can’t provide and affordable option? See if we can help; most of the time we can quote just your earthquake coverage and not have to move you from the carrier you know and love.
Haymaker Insurance is an independent insurance agent located in Federal Way, WA. We serve Tacoma, Covington, Seattle, Renton, Lakewood, Puyallup and surrounding areas; licensed in Washington state.