The value of earthquake insurance

I have not had a quote on rebuilding my house but it could be done for far less than the insured value,

With the recent hike in earthquake insurance I did some calculations.

The insurance company claims my house should be insured for $350,000, and although I think it is high, they will not change it. My single-car 1936 era garage is insured for $35,000. B.C. Assessment values my house at $105,000. The earthquake insurance has a $35,000 deductible. When I wanted to build a simple double car garage, the building estimate was around $20,000. Compare that to the insured value of my single garage.

I have not had a quote on rebuilding my house but it could be done for far less than the insured value, according to a few carpenters I know. If there is an earthquake and there is window damage or a wall collapses then it’s my responsibility up to $35,000. If the garage is totally destroyed, even though it has earthquake insurance, then I have to pay the full amount to rebuild it – $35,000 deductible, remember. After figuring this out, do I really need earthquake insurance?

Basically I am paying to cover my house and my garage but not really. If the house is mortgaged then there would be no question. Something to think about.

William Jesse

Oak Bay

 

 

Just Posted

Flurry of Yuletide activities coming to Sidney

Sidney Business Improvement Area Society and members organize festive events

Russell Books marks opening of new location by setting Guinness World Record

Store stacks world record books more than six metres high

PHOTOS: 11th annual Gingerbread Showcase comes to Victoria

Bakers spent more than 100 hours perfecting their creations

Time is ticking for Victoria school relocation

Beausoleil school hopes a one year extension is enough time to find a new home

Petition calls on province to cover transfer fees after Island adoption centre closes – again

‘Choices clients weren’t told the ship was sinking,’ says would-be parent

VIDEO: B.C. to restrict nicotine content, bring in 20% tax on vaping products

Province will also restrict candy and fruit flavoured vaping products to adult-only stores

POLL: Do you support CUPE workers in their dispute with School District 63?

SD63 schools to remain closed as strike continues Tuesday

Greater Victoria Crime Stoppers wanted list for the week of Nov. 12

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

‘City that protects rapists’: Sexual assault survivor slams Kelowna mayor for defending RCMP

Heather Friesen spent the morning handing out flyers around city hall calling out the mayor

Batten down the hatches: Wet and windy weekend on the way for coastal B.C.

Environment Canada issues special weather warning for Lower Mainland, Vancouver Island

BC Liquor Stores to move fully to paper bags by March

Vancouver Island to be the first to convert to paper bags in November

Tolko shuts B.C. divisions for two weeks over holidays

Head office to close from Dec. 23-27; two weeks’ downtime runs Dec. 21-Jan. 6

B.C. government working with RCMP to address $10 million in budget cuts

Public Safety Minister Mike Farnworth issues statement following report of RCMP cost-cutting

Port Moody mayor says stayed sex assault charge related to ‘awkward date’

Rob Vagramov said charge was related to a string of dates in 2015

Most Read