The Cascadia Lifeline Program (CLiP) and the Geomatics Research Group You also want to make sure your earthquake insurance policy has enough personal property coverage and additional living expenses coverage. Most insurance companies split earthquake policy deductibles into separate categories the dwelling, other structures, and personal contents. The cost of your earthquake insurance is going to vary greatly depending on the age of your home, its location, its build, and more. It looks like Bancorp Tower will be good to go if an earthquake hits. The average cost of earthquake insurance is about $850 per year, according to AAA. Also, you must purchase your CEA policy from the same insurance company that has your home insurance policy. Older homes cost more to insure than newer homes. Only share sensitive information on official, secure websites. Normally, this coverage is provided with no dollar limit and no deductible. The earthquake insurance deductible typically is a percentage of the insured amount. "For some reason Pacific Northwest residents simply don't think that much about earthquakes, probably because here they are few and far between. This is a database of watershed regions in the U.S. provided by the Department of Homeland Security. If you already have homeowners insurance, contact your agent and you may be able to add earthquake insurance as an endorsement. This map uses bedrock one-second spectral acceleration (SA01) values from the model developed by USGS for a specific secnario of Cascadia subduction earthquake ground shaking in the Pacific Northwest (http://earthquake.usgs.gov/eqcenter/shakemap/global/shake/Casc9.0_expanded_se/) combined with a new map of NEHRP site class for Oregon (Madin and Burns 2013) and uses the soil factor relationships of Boore and Atkinson (2008) to calculate site-dependent SA01., The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Even if you dont purchase an earthquake policy in California, homeowners and renters insurance is required by law to cover fire damage that follows an earthquake. Contact us OSU Student Health Insurance Plan office Phone: (541) 737-6748 Contact us via email How To Find The Cheapest Travel Insurance, California Earthquake Authority insurance premium calculator. However, the increase in insurance premiums has made coverage hard to get in many areas, contributing to the decrease of insurance covering seismic claims. In California, you can buy CEA earthquake insurance through home and renters insurance companies. Most policies state that any shocks that occur within a 72-hour period constitute a single earthquake. Extended Replacement Cost Coverage: This is designed to cover rebuilding your home based on the declared value on your policy with an additional 25% 50% cushion to protect you if there is an increase in labor and building materials. They include: Require grading ordinances that not only would help reduce earthquake damage but also guard against soil movements and landslides that cause significant property damage. Suite 300A The homeowner can choose how much of the $297,000 goes towards rebuilding the home versus how much is used for other structures, personal property and loss of use. The information is set out in Bulletin 12 , "Residential Seismic Strengthening - Methods to Reduce Potential Earthquake Damage.". water wells, hydrocarbon exploration, etc). Grab a feed of news and stories for your site. You can find out how a company defines what an earthquake is by reviewing the policy language under the Definition portion of any insurance contract. This map uses the methods of section 4.2.2.2 of the HAZUS-MH MR4 (FEMA, 2011 in references) to create a new coseismic landslide probability map for Oregon. So, buy earthquake insurance before an earthquake. Not surprisingly, homeowners in the West hold the largest percentage of earthquake policies. Deductible percentages vary per state and per insurance company, but they normally range from 10 to 25% of the coverage limit. Generally, earthquake insurance deductibles are between 10% and 25% of the dwelling coverage policy limit. This is a database of oil and natural gas interconnects in the U.S. provided by the Department of Homeland Security. All Rights Reserved. Thats a pretty expensive deductible to pay before insurance even kicks in, which is one of the cons of earthquake insurance. If you live in an area prone to earthquakes, you should at least consider the pros and cons of earthquake insurance. Preparedness: Think through your evacuation scenario from different parts of the campus or your commute and be familiar with the tsunami evacuation route map. Your deductible is what you'll have to pay out-of-pocket before your insurance kicks in. The SA0p3 values are then converted into PGV values. On top of providing coverage for loss due to earthquake the comprehensive portion of an auto policy will also provides coverage for losses that would include the following: loss caused by missiles or falling objects; fire; theft or larceny; explosion; windstorm, hail, water, or flood; malicious mischief or vandalism; riot or civil commotion; contact with bird or animal; or breakage of glass. The information provided herein is for reference only and is not suitable for incorporation in engineering design or site-specific analysis; instead, it provides a starting point to identify and understand hazards of primary concern. Scientists have even been able to figure. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). 541-737-9355, Additional Contact MethodsOperating HoursJobsVolunteer!Contact Webmaster, Follow SHS on Social MediaFacebookTwitterInstagramYoutube, Copyright 2022 Oregon State University | Disclaimer. It's time to get ready. Helping you and our community prepare, respond, and recover from lifes different hazards. The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Using developed regression relationships between peak ground acceleration and Modified Mercalli intensity from Wald et al (1999), this continuous raster map is generated to give the users information about how strong the earthquake will be felt. Many insurance companies stopped insuring earthquakes in the 1990s after projections suggested that a major earthquake could potentially bankrupt them. Site peak ground acceleration, in g (standard gravity). Unfortunately, damage caused by an earthquake is a common exclusion for homeowners, condo and renters insurance policies. This map uses bedrock PGA values from the model developed by USGS for a specific secnario of Cascadia subduction earthquake ground shaking in the Pacific Northwest (http://earthquake.usgs.gov/eqcenter/shakemap/global/shake/Casc9.0_expanded_se/) combined with a new map of NEHRP site class for Oregon (Madin and Burns 2013) and uses the soil factor relationships of Boore and Atkinson (2008) to calculate site-dependent PGA. Yes, we have to include some legalese down here. Please try again later. This is a parameter which depicts the land level change in a Cascadia subduction earthquake event. I own a condominium. One of Oregon's top earthquake experts predicts the "really big one" will wipe out the entire Northwest. Please see the relevant text report for more details. provided by the Department of Homeland Security. YouTubes privacy policy is available here and YouTubes terms of service is available here. This is a database of FM transmission towers in the U.S. provided by the Department of Homeland Security. Prepare your own home for an earthquake, using basic and often inexpensive steps that are outlined in his new book as well as free publications about earthquake preparation. Repairing or replacing you home damaged by an earthquake will typically cost more than a home that is damaged by a fire, water leak or other relatively small-scale disaster. in School of Civil and Construction Engineering at the If you live in an area of Oregon thats near a fault line or subduction zone, you may want to consider adding earthquake coverage as an endorsement to your home policy, or purchasing a standalone earthquake insurance policy. If you have property that is scheduled or added onto the policy as an endorsement or personal articles rider there are no limitations and the schedule will cover any type of loss other than wear and tear. "It's simply not right to have public schools and hospitals that will collapse in a great earthquake," Yeats said. "California got its wake up call after a serious earthquake in 1933 destroyed many schools in Los Angeles," Yeats said. Corvallis, OR 97331 The user manual said O-HELP should serve as a "starting point" for experts in understanding certain areas and buildings. Oregon State University All Oregon State students are strongly encouraged to have some form of health insurance. One exception is if an earthquake sparks a fire that burns your house. An earthquake of at least magnitude 7 has a 37% chance of occurring off the Oregon coast in the next 50 years, according to Chris Goldfinger, an earthquake expert and professor at Oregon State University. A deductible is the amount you pay before your insurance kicks in. Expect aftershocks, which can happen in the hours, weeks, days and even months following an earthquake. Many major insurers like Allstate, Progressive, and Nationwide offer earthquake coverage. Earthquake is normally defined in your policy as shaking or trembling of the earth, caused by volcanic activity, tectonic processes, or any other cause.. We took a look at some prominent buildings to see how they would fare. "We've gotten some minor wake-up calls recently with small earthquakes, but there may be another one some day soon in the form of a magnitude nine earthquake that devastates the whole Pacific Northwest. Landslide displacement value corresponding to a 2% in 50 years event. This is a database of natural gas storage facilities in the U.S. provided by the Department of Homeland Security. Morrison Bridge, on the other hand, is at a high risk for lateral spreading and at medium risk for liquefaction. Only 11.3% of Washingtons residents were covered in 2017 despite having the second-largest market in the seismic space. Your browser is out-of-date! The SA01 values are then converted into PGV values. An example of an earthquake deductible would be if your home is insured for $200,000 and your earthquake insurance policy has a 10 percent deductible, you would have to pay the first $20,000 in repair or replacement costs before the insurance company will pay for the remainder of the repairs that are necessary. Any use of this website or the information available at this website is at your own risk and we will not be responsible for the consequences of your decision to utilize the information. This is a database of reclamation reservoirs in the U.S. provided by the Department of Homeland Security. Despite experiencing 90% of the country's earthquakes, only 10% of California's residents have earthquake insurance. About 20 percent of Oregonians have earthquake coverage, which must be purchased separately. This is a database of substations in the U.S. provided by the Department of Homeland Security. Prescriptive standards are standards that provide exact rules, directions . Your insurance company will help you figure out how much dwelling coverage you need. The time for people to take actions to protect themselves and to take this issue seriously is now, Yeats said. See that database. Forms include those for volunteers, waivers, photo opt out release, and claims. Below are answers to earthquake insurance questions that most people ask about carrying earthquake insurance for their Oregon home. Bridge damage map for the selected Cascadia subduction zone earthquake scenario using earthquake ground shaking + landslide + liquefaction fragility functions. When To Hire A Lawyer For A Home Insurance Claim? Your decision to carry Oregon earthquake insurance involves the consideration of many factors. The maximum amount of coverage you can buy will depend on your insurance company, but keep an eye on the coverage limits. Get emergency instructions from a trusted source (radio, television, internet). State geological surveys often have maps of other earthquake hazards, such as those from landslides, liquefaction, or tsunamis. Would my car be covered by earthquake insurance? We'd love to hear from you, please enter your comments. 200 Cascade Hall Keep in mind, most insurers wont sell earthquake insurance if there has been an earthquake in the last 30 to 60 days. [4]. Keep in mind that home insurance wont cover earthquake damage. Feed of news and stories for your site homeowners insurance, Contact your agent and you may be able add... Earthquake damage waivers, photo opt out release, and personal contents from 10 to 25 % of the,. Hospitals that will collapse in a Cascadia subduction zone earthquake scenario using earthquake ground +. Stories for your site period constitute a single earthquake but they normally range from 10 25. 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