Earthquake Insurance needed in Indiana?

Question

I am looking at a few single family homes in SW Indiana and Earthquake insurance is quite a bit more than I expected. For investors that have rental homes in this area do you pay for earthquake insurance? If so do you on each home or just the nicer ones?

Thanks!

Taylor

Thanks!Taylor

Taylor Morrow · Answer

Scott P.: Greatly appreciate all of your help here!

Scott P. · Answer

Here you go @Taylor Morrow

I don't think I've uploaded an image before.  Hopefully you can see it.  It shows the full premium and a breakdown which includes $163 annually for Mine Subsidence and $565 annually for earthquake on an all brick duplex.  The deductibles and everything is shown.  Feel free to let me know if you have any questions!

Taylor Morrow · Answer

Thanks everyone for the great info and rapid responses!@Scott P. if you do get a chance to look up what you are paying please let me know.

Thanks!

Anthony Wick · Answer

I had to google it, being surprised about this question. Google says there's been two earthquakes in Indiana in the last 15 years, and seems to think nothing huge since 1909. Earthquakes are relatively rare in Indiana, with just 44 quakes above a magnitude 3 reported in the last 200 years, according to Indiana Geological & Water Survey Outreach Coordinator Polly Sturgeon.

Derrick Powell · Answer

What quotes are you getting for what value of property?

Jay Hinrichs · Answer

thats wild the big SF quake was 1908  .. having lived right on the loma preita fault ( big fault that runs up the SF penninsula i never bought it.. although if the property is not strapped down to the foundation i would go ahead and do that.. then really the only thing that will break will be contents.. In the 87 quake SF quake we just lost items like bottles and dishes ..  but reinforced brick buildings different issue..  the real disaster were the bridge and freeways..  and in the old days fire

Scott P. · Answer

For my 2 doors in a small town outside of Evansville (SW Indiana), my insurance company said it was optional.  (They also offered optional "mine subsidence" insurance.)

My memory is that I did not accept it at first but I did add it to the policy after maybe 10 years of ownership.

The exterior construction is brick.  I haven't had a claim  - for anything.

So I'm someone who didn't  have it but then added it later.  I suppose its like any insurance product.  It seems expensive for something you hope you never have to use.  I added it because as the years went by and I had more properties paid for I thought the cost was more affordable and I thought that the brick exterior would be damaged more than siding exteriors.

If it's helpful to you to know what I've been paying, put "@Scott P" in a post and I should see it and i'll see if I can look it up fairly easily and I'll let you know the cost.