The issue of insurance companies ending earthquake coverage on older masonry buildings has barely made the local radar screen.
The St. Louis Oracle wrote about it in November.
Since ours is a stone foundation built in 1933, we were just talking about this over the weekend. Has anyone else heard about insurance companies dropping such coverage?
Maybe the insurance industry figures better to plan on a federal bailout than provide earthquake coverage near the New Madrid fault zone?
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4 comments:
Our insurance was with Safeco, and our renewal date is next month. We received a letter informing us that the company would be happy to continue insuring us WITHOUT earthquake coverage. Our new agent is trying to get us earthquake coverage through another company, but our Hurricane Katrina losses may prevent us from getting it.
Our home is brick, was built in 1941 and has a stone foundation. Those three factors will make it very difficult to get coverage, and we are surely not alone. As policies come up for renewal, many more homeowners will find themselves in the same predicament.
We our in the "good hands" of Allstate, and our policy does include earthquake coverage - but with a $24,000 deductible.
I believe that our policy on our recently purchased home does not include earthquake coverage.
Discrimination against masonry construction.... Funny thing, the fact that our house is masonry construction is the only reason it didn't burn down during its 2003 fire. Blah.
I wonder what Hyde Park would look like tomorrow if an earthquake hit today (knock wood). I'm sure it would hurt the whole city, but I guess HP is just the neighborhood I mostly frequently see with so many very precariously maintained (or not at all maintained [thanks Alderman Bosley!]) buildings.
Claire-
Why would it be up to an alderman to maintain buildings in a ward? Isn't that the responsibility of the property owner (unless you're talking about LRA, which is the city, but they hardly have any money)?
Are you suggesting there should be stricter code enforcement?
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