Earthquake insurance- Oregon- What does it cover? Do I need it?

Earthquake Insurance Oregon

According to research, most earthquakes in Oregon are relatively small, however, they still produce damage! We all “think” the big ones will hit along the coast of Oregon, but, the last earthquake recorded deaths were in Klamath Falls and over the last few years, there have been several recorded in Eastern Oregon. Ferranti-Graybeal Insurance Protection Specialists can help you prepare and make sure you have the coverage you need when an earthquake threatens your livelihood. Give us a call to go over your options today! 541.567.5523

The pic below demonstrates the faults located in Oregon. The red lines indicate the ones that have moved recently. 

Earthquake Insurance in Oregon is not included in your homeowners policy, you must add it on as an endorsement. The insurance company agrees to pay for direct physical loss to property caused by earthquake, including land shock waves or tremors before, during or after a volcanic eruption. One or more earthquake shocks that occur within a 72 hour period are considered a single event/earthquake. 

To figure out what the deductible is, there is an equation that your Insurance Protection Specialist will help you with. You take Coverage A or Coverage C – whichever is the greater amount of liability and multiply it by the deductible percentage shown in your Schedule (agreement). The insurance company will pay that part of the loss, minus the deductible. The total deductible cannot be lower than $250.00.

So, for example, if in your Schedule (agreement) it states that your Earthquake Deductible Percentage equals 10% and Coverage A amount is $200,000, this means your deductible that you must pay prior to insurance kicking in is $20,000.

Exclusions for Earthquake Policy In Oregon

Exterior Masonry Veneer: This policy doesn’t cover loss to exterior masonry veneer caused by an earthquake. The value of exterior masonry veneer will be deducted before applying the earthquake deductible. For the purpose of this exclusion, stucco is not considered masonry veneer.

This policy does not cover loss resulting directly or indirectly from flood of any nature or tidal wave, whether caused by, resulting from, contributed to, or aggravated by an earthquake.

This coverage also does not include the cost of filling land. 

If you’re unsure if you require protection, or would like to review your options with an Insurance Protection Specialist, we have three locations to serve you in Oregon and Washington! 

Please give us a call at: 541.567.5523 or visit us online and send us a message! 

Any one of our helpful staff will be more than happy to assist you! 

By Sarah Green August 20 2018 Posted In: Homeowners