Q: How much is earthquake insurance?
We live in a part of the country that can be prone to earthquakes. Do we need earthquake insurance? How much will it cost?
A: Determining the cost of earthquake insurance is highly dependent upon the area of the country where the property needing insurance is located. Based upon recent history, it is easy for most people to understand the need for earthquake insurance in Southern California or San Francisco, and that it would likely be more expensive there compared to places that rarely or never have earthquakes that cause damage. These kinds of factors are critical in determining the cost of earthquake insurance. In areas where earthquakes that would cause damage are rare (such as Texas or Minnesota), the cost of earthquake insurance is typically modest. In areas where the risk of a damaging earthquake is significant, the cost could run from hundreds to thousands of dollars, depending upon the location, design, and value of the property in question.