Do I really need earthquake insurance?
Julie Isaac says:
Mortgage lenders require that purchasers have homeowner's insurance in place as a condition of obtaining a mortgage. Currently it's not mandated to have earthquake insurance though I recommend speaking to an insurance advisor to determine whether you may still want to add earthquake insurance - I have it on my properties!
Dan Machon says:
There is an expectation that we should expect an earthquake in the next 70 years - could be tomorrow, next week, could be 50 years from now. When it occurs, some houses will suffer severe damage and may even need replacement - the risk of this large cost of repair would seem to outweigh the cost of insurance.
Sonya Bekken says:
Earthquake insurance can be an affordable way to increase your peace-of-mind.
Rob Smith says:
Excepting flatter areas, geologically proximate to water bodies, much of North Vancouver is built on glacial till, which is expected to be a relatively stable surface during earthquakes.
However the Building Code requires only that buildings not collapse during the seismic event they were designed to handle, and that they be safe to exit from following this event. Therefore, large earthquake events should be expected to affect (and possibly damage) a lot of buildings and infrastructure, and repair (as a minimum) should be expected to be required.
Seismic design requirements have changed many times over the last few decades. Peace-of-mind can also be increased by retaining engineering consultants (eg structural and possibly geotechnical) and following their recommendations to increase the stability of buildings (and possibly land).