29 replies to this topic

[nagel]

Unfortunately not an option with our insurance.

Same here they won't let you.

[lanforod]

Huh. I had no problem doing that with BCAA. They said its becoming more popular, because people are realizing that for the deductible amount (which is the same for contents as for the house), they can just replace all their contents anyways. The way they do it is silly, makes no sense, but whatever, it saves me a couple hundred bucks to only insure the building for earthquake (which is what makes sense if we DO have an earthquake - I can pay 20 grand and replace most contents, but 400k for a house is hard to self insure.

[LJ]

lanforod, on 12 Feb 2016 - 2:37 PM, said:

Huh. I had no problem doing that with BCAA. They said its becoming more popular, because people are realizing that for the deductible amount (which is the same for contents as for the house), they can just replace all their contents anyways. The way they do it is silly, makes no sense, but whatever, it saves me a couple hundred bucks to only insure the building for earthquake (which is what makes sense if we DO have an earthquake - I can pay 20 grand and replace most contents, but 400k for a house is hard to self insure.

I have my insurance through BCAA and they wouldn't let me not insure contents, for earthquake insurance I had to insure on the total value including contents, and then there was at least a 10% deductible. I may have to have another talk with my agent.

[LJ]

insanelydeadlydisease, on 12 Feb 2016 - 11:02 AM, said:

My earthquake insurance has a 5% deductible. That would hurt but it'd hurt a lot less than having to rebuild on my own dime. I think for the money it'd be crazy not to have it.

Who do you deal with, 5% deductible is great.

[todd]

Just cover your entire house with a thick layer of heavy duty construction adhesive and you'll do fine in an earthquake.

[nagel]

That sounds like about the same plan as the JSB.

[lanforod]

I have my insurance through BCAA and they wouldn't let me not insure contents, for earthquake insurance I had to insure on the total value including contents, and then there was at least a 10% deductible. I may have to have another talk with my agent.

 

I do have a high deductible (20%/90k I think). Keeps that cost down, while still having the key protection should this happen. Sure, I'll have to pay 90k, but that gets me a brand new house basically should I have to replace the whole thing. Better than no earthquake insurance.

[johnk]

I asked my agent about the high deductible and she said the only way to recoup it would be to rebuild then sell at market price.
My new policy, effective from end of this month, has a provision that allows unused amounts from contents, temp lodging etc to be applied to the cost of rebuilding the structure. Sounds ok to me but the high quake deductible is a pi**er for me.

[LeoVictoria]

I asked my agent about the high deductible and she said the only way to recoup it would be to rebuild then sell at market price.
My new policy, effective from end of this month, has a provision that allows unused amounts from contents, temp lodging etc to be applied to the cost of rebuilding the structure. Sounds ok to me but the high quake deductible is a pi**er for me.

Interesting. I asked my insurer about this (using money for contents to rebuild structure) and I didn't get a straight answer from them

[johnk]

Leo, my policy has a thing they called "Combined Single Amount" that the amounts from 4 categories, House, Contents, Outbuildings and Add'l Living Expenses are combined. If any of these 4 become exhausted any unused amounts from the other categories can be used to make up the shortfall. Reduces chances of being underinsured.
Also, if the house is totaled I am not obligated to rebuild, I can take a cash payout equal to the rebuild cost. This last thing I will check before I pay my renewal at the end of the month.
Costs an extra $50 but I like the idea.

Edited by johnk, 13 February 2016 - 05:11 PM.