Generally, earthquake insurance deductibles are between 10% and 25% of the dwelling coverage policy limit. In alignment with Oregon State Universitys Strategic Plan 4.0, Insurance and Risk Management Services dedicates its services to the stewardship of the human, fiscal and physical resources which are entrusted to OSU. Not surprisingly, homeowners in the West hold the largest percentage of earthquake policies. The 12-month period on which your insurance plan operates. This accessibility map presents the travel time from each zone to Portland International Airport when the network is disrupted, specifically, the eight bridges over the Willamette Rive near Portland downtown are set to be failed. In Oregon, most insurers offer the option of a 10% deductible or a 15% deductible. Share sensitive information only on official, secure websites.. Policygenius content follows strict guidelines for editorial accuracy and integrity. Please note that all the probabilities in this dataset is scaled to 30 percentage. Earthquake insurance typically covers the following: The following items are commonly excluded on earthquake insurance policies: In addition, a California Earthquake Authority policy will cover structures such as bulkheads, piers, retaining walls and masonry fences. In other words, the deductible is a percentage of the amount of coverage, not a percentage of the amount of loss. [1] [2]. You need enough earthquake insurance coverage to rebuild your house if its destroyed, similar to needing enough homeowners insurance if your home is lost in a fire or another problem. Where can I buy earthquake insurance in Oregon? If your association carries a separate earthquake insurance policy and the policy is an All In policy, this means that the interior walls, built-ins and any betterments or improvements are made to the unit are covered by the master policy. Oregon State University launched a toolto help engineers, planners and geologists evaluate earthquake hazards in Oregon -- just in case the 9.0 magnitude earthquake strikes from the Cascadia Subduction Zone. This is a database of natural gas service territories in the U.S. provided by the Department of Homeland Security. While earthquakes cannot be predicted, what you do financially can be. Bridge damage map for the selected Cascadia subduction zone earthquake scenario using earthquake ground shaking + landslide + liquefaction fragility functions. As an insurance broker I help individuals throughout Oregon and the Pacific Northwest manage risk. It looks like Bancorp Tower will be good to go if an earthquake hits. Rates are lower in states with lower seismic activity. water wells, hydrocarbon exploration, etc). Download the Earthquake Insurance infographic for a poster of this webpage, plus bonus information about what your typical homeowners insurance does and does not cover. All Oregon State students are strongly encouraged to have some form of health insurance. The linked websites are not under Geomatics research groups control and the research group does not assume any responsibility or liability for any communication or materials available at such linked websites. While earthquake insurance typically isnt required by a mortgage lender or HOA association, its worth considering if you live in an earthquake-prone area. The deductible could range from 10% to 25% of the dwellings policy limit. Right click and save image to download. Ian Bloom, CFP, RLP, is a certified financial planner and a member of the. Would my car be covered by earthquake insurance? 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. If impacted by an earthquake, most homes would experience damage that does not exceed their insurance deductibles, meaning that even with insurances high rates, insured homeowners would not receive money from their policy to address the damage. The City of Portland is the only jurisdiction in Oregon that has adopted specific, prescriptive standards for earthquake retrofitting. This map uses bedrock one-second spectral amplification (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. Learn more about how we use and vet external sources as part of our, Senior Editor & Licensed Home Insurance Expert. Oregons earthquake risk is not a question of if but when. 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. The SA0p3 values are then converted into PGV values. Say you insured your home for $300,000 and set your deductible to the 10% option, that means you'd receive a claim payout for $270,000($300,000 dwelling coverage minus $30,000 deductible). Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. This is a database of oil and natural gas fields in the U.S. provided by the Department of Homeland Security. Earthquake insurance helps pay to replace, repair, or rebuild your home and personal property if either are damaged by a quake. A .gov website belongs to an official government organization in the United States. The last Cascadia Subduction Zone eventMagnitude 8.0 to 9.1was January 26, 1700, and they happen about every 280 to 350 years. Plageman Building Thats a pretty expensive deductible to pay before insurance even kicks in, which is one of the cons of earthquake insurance. "We should either fix them up or get rid of them. Site peak ground velocity, in centimeters per second. This feature class contains actual and "pseudo" drillholes used to create 3D geologic and geophysical models for the 2013 Portland NEHRP project. This is a database of transmission lines in the U.S. provided by the Department of Homeland Security. The cost of your earthquake insurance is going to vary greatly depending on the age of your home, its location, its build, and more. The repeat interval of such earthquakes in geologic history has at times been less than 300 years, and an earthquake such as this, at magnitude eight or larger, would now cause a catastrophic level of damage, billions of dollars in property losses and thousands of deaths. This is a database of railroad bridges in the U.S. provided by the Department of Homeland Security. The user manual said O-HELP should serve as a "starting point" for experts in understanding certain areas and buildings. Maximum of $5,000 for chimneys or fireplaces, Maximum of $3,000 for swimming pools, spas, whirlpool baths and hot tubs, including all concrete or tile decking and all related equipment. You also want to make sure your earthquake insurance policy has enough personal property coverage and additional living expenses coverage. The average cost of earthquake insurance is about $850 per year, according to AAA. Best Overall: Allstate. This is a database of aquifers in the U.S. provided by the Department of Homeland Security. Do we want to wait for our roof to literally fall in before we get ready?". The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Lets use the same coverage example as above. Contact us OSU Student Health Insurance Plan office Phone: (541) 737-6748 Contact us via email Some policies wont cover damage to a swimming pool or the deck surrounding it. If you have a $100,000 dwelling policy limit, you could be responsible for paying $10,000 to $25,000 if you file a claim. Water supply systems, such as wells, irrigation systems, sprinkler systems and water reclamation systems, Underground structures or equipment outside the foundation wall of the dwelling, such as underground pipes, cables, flues and drains, Bulkheads, piers, wharves and retaining walls, Exterior masonry veneer, walls and fences, Personal property located outside of the dwelling, Landscaping, trees, shrubs, lawns or plants, Data (stored electronically or on physical records, like paper or accounting books), Trailers designed for use with a motor vehicle, Decorative items or works of art, such as murals, sculptures, fountains, aquariums, stained or leaded glass, mirrors, and chandeliers, Property of tenants, roomers or boarders not related to you, Any business property or property rented to others, Personal property in any other dwelling owned, rented or occupied by you, Fire (however, fire damage may be covered by your homeowners insurance), Earth movement from a non-seismic event, such as sinking, rising, expanding or contracting of earth because of the increase or decrease in the moisture content of the soil, Water damage such as flood water, tidal water or an overflow of a body of water, Water damage which backs up through sewers or drains, Water below the surface of the ground, including seepage or flows from any part of a building or other structure, sidewalk, driveway or swimming pool, Neglect (meaning you didnt take reasonable steps to protect your property), Nuclear action, including radiation or discharge of a nuclear weapon, even if accidental, War (declared or undeclared), civil war, insurrection, rebellion or revolution, Smog, rust, corrosion, mold, wet or dry rot, settling and animals, Defect, weakness, inadequacy, fault or unsoundness, including planning, zoning, development, design, workmanship, construction, materials and maintenance, Enforcement to repair or demolish a building or structure to comply with local building codes, Discharge, release or escape of pollutants, Theft, burglary, looting, vandalism and malicious mischief. A July 2020 Insurance Information Institute survey found that 23% of homeowners with home coverage also have earthquake insurance. Site spectral acceleration at 0.3 sec, in g (standard gravity). The federal governments disaster assistance is limited. National earthquake hazard reduction program which depicts the site class based on the site soil properties and shear wave velocity in accordance with geotechnical data. Will a separate insurance deductible apply to the structure, contents, and detached structures, or does one deductible apply to the entire loss? "A lot of our existing public buildings, including schools, hospitals and housing, are simply deathtraps," Yeats said. An official website of the State of Oregon Kara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. O-Help (short for Oregon Hazard Explorer for Lifelines Program) assesses factors, such as severe ground shaking, landslides, liquefaction and potential tsunami inundation lines, on a scale of "very low" to "very high.". Examples of this might include: Employment Practices Liability Insurance (EPLI), Accountant / CPA Professional Liability Insurance, Advertising Agency Professional Liability Insurance, Architect Professional Liability Insurance, Engineer Professional Liability Insurance, Environmental Consultant Professional Liability Insurance, Financial Services Professional Liability Insurance, Management Consultant Professional Liability Insurance, Marketing Consultant Professional Liability Insurance, Miscellaneous Professional Liability Insurance, Real Estate Professional Liability Insurance, Staffing Company Professional Liability Insurance, Technology Consultant Professional Liability Insurance, Earthquake Insurance Frequently Asked Questions, Earthquake Retrofit Requirements for Insurance. As of 2021, that number has declined to 11.4%. 108 SW Memorial Place Always verify that the company or individual you are working with has a license. We'd love to hear from you, please enter your comments. Keep in mind, most insurers wont sell earthquake insurance if there has been an earthquake in the last 30 to 60 days. If these types of items are important to you, its a good idea to compare a few different policies to get the coverage you want. Some other resources that show earthquake hazards: The Portland Bureau of Emergency Management released amap and database on unreinforced masonry buildings. Site spectral acceleration at 1.0 sec, in g (standard gravity). This is a database of petroleum ports in the U.S. provided by the Department of Homeland Security. It's rated very low risk for every section, except lateral spreading, where it's scored as "medium.". Click photos to see a full-size version. A homeowner with $300,000 in dwelling coverage and a 10 percent deductible would pay $30,000 before insurance pays. Landslide displacement value corresponding to a 2% in 50 years event. Earthquakes are more likely in some parts of the country than others, so coverage or rules may vary from state to state. How would earthquake insurance benefit me? This is a database of power plants in the U.S. provided by the Department of Homeland Security. For example, if you have $250,000 of dwelling coverage and a 10% deductible, you would have to pay $25,000 for repairs before the insurance would start paying. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). You choose what you set your deductible to when you purchase your policy. Your Oregon earthquake insurance will cover the following: Each company has its own definition of earthquake. Probability of earthquake-induced landslide under wet (or saturated) soil conditions. If you have an insurance need or a question about coverage, contact Insurance and Risk Management Services at (541) 737-1323. Earthquake insurance covers direct physical loss to property. You might be using an unsupported or outdated browser. Visitors are encouraged to confirm the information contained on this website with other reliable sources and agencies. "For some reason Pacific Northwest residents simply don't think that much about earthquakes, probably because here they are few and far between. The Oregonian/OregonLive has also compiled data on building construction and earthquake preparedness in the Portland-metro area. Lidar data from the Oregon Lidar Consortium was downsampled. These costs can be significant and a financial burden to your family. If earthquake damage to your home is so severe that you must move out, coverage for additional living expenses is available only if you have earthquake coverage. Use and access to this website or any of the links contained within this website do not create an engineering consultant-client relationship. This is a database of FM transmission towers in the U.S. provided by the Department of Homeland Security. You have 30 days to accept the offer. There are typically a lot of exclusions and limits on coverage, which should give you pause. The California Earthquake Authority (CEA), which provides most of the earthquake policies in the Golden State, offers earthquake insurance discounts for homes retrofitted for earthquakes. 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. How does long-term disability insurance work? We endeavor to empower the greater OSU community to continually assess and effectively manage risk, and preserve and strengthen OSUs human, physical and financial resources. If you want coverage for problems related to earthquakes, you can purchase an earthquake insurance policy. This accessibility map presents the travel time from each zone to Portland International Airport when the network is intact. Insurance and Risk Management Services In alignment with Oregon State University's Strategic Plan 4.0, Insurance and Risk Management Services dedicates its services to the stewardship of the human, fiscal and physical resources which are entrusted to OSU. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). If your home was damaged, take steps to prevent further damage (such as boarding windows to prevent theft). When deciding to purchase earthquake insurance, youll need to consider how at risk you are for earthquakes and how much you'd be able to pay out of pocket to repair your home after a quake if you decide to forgo earthquake coverage. About 20 percent of Oregonians have earthquake coverage, which must be purchased separately. 2023 Forbes Media LLC. However, the increase in insurance premiums has made coverage hard to get in many areas, contributing to the decrease of insurance covering seismic claims. Corvallis, OR97331 Earthquake insurance can have many options New Auto ID cards have been added to the Accident Report Packets. This is a database of oil and natural gas interconnects in the U.S. provided by the Department of Homeland Security. O-HELP 3D Oregon Hazard Explorer for Lifelines Program Cascadia Lifeline Programs (CLiP), School of Civil and Construction Engineering, Oregon Department of Geology and Mineral Industries. Access via https instead of http for best results. The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Visit Ready.gov to learn how to prepare your finances for disasters like earthquakes. 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