The merits of earthquake coverage

April 18, 2008
Back to TopCommentsE-mailPrintBookmark and Share
Everyone has a story to tell today about this morningâ??s earthquake, which came from West Salem, Ill., and measured 5.4 on the Richter scale. People were awakened. Things moved.

This quake was a piker compared to the devastation the New Madrid fault could throw at us. That fault, which runs along the eastern edge of Missouriâ??s bootheel, is thought to have produced three to five quakes in 1811 and 1812, with at least one measuring above 8 on the Richter scale.

Hard to believe, maybe, but they are said to have rang church bells in Boston and cracked Washington, D.C., sidewalks.

Seismologists say it could happen again. Yet, who knows how far in the future that might be?

Is it worth the expense for businesses and homeowners in this part of the country to carry extra insurance?
ADVERTISEMENT
  • Certainly it is. Offhand, I believe the earthquake rider on my homeowners policy only runs me about $60 per year with a 10 percent deductible.
  • Yeah I just bought a condo in an older building on North Meridian. It was only going to be an extra $5 a month so I said what the heck! I had learned about the New Madrid Fault line and new that 100 year time frame was coming up. Everyone was laughing at me when I got it, now I'm going home after work to inspect for cracks! HA!
  • Because my husband grew up in Vincennes, which is much closer to the New Madrid fault, we added earthquake insurance a long time ago. It's reasonably cheap and will cover us in case any of the masonry fails on our house. I think it's totally worth it.
  • I suspect the earthquake premiums have just been raised.
  • Really, earthquake insurance talk this quickly? Should you get earthquake coverage... I don't think so. If we were in California, yes, get earthquake coverage... but we're not. And just because we had a very minor (emphasis on minor) earthquake doesn't mean everyone should run out the door and add earthquake coverage to their homeowner's policy. The natural disasters that people in Indiana should be more worried about, in regards to their home, are floods (if you're in a flood zone) and tornadoes. But, continue to pass on the earthquake coverage... put 2 and 2 together people... the reason that the earthquake coverage is so cheap is because the insurance companies don't have to pay out for it here... they're trying to nickel and dime you by playing on your fears.
  • Andrew,

    While thousands of earthquakes happen every year in the U.S. (primarily in the western states, Alaska and Hawaii), only a small percentage of them actually register over 5 on the Richter scale. Was this a minor quake compared to, say, the Northridge quake in California a few years back or the New Madrid events mentioned in the article? Absolutely. But a quake measuring over 5 would best be described as MODERATE, not minor.

    Also, it should be noted that a quake measuring 5.2 in Indiana would most likely cause much more damage than if it had occured someplace in California for a couple of reasons. One, unlike California, where quakes are a relatively regular occurence, most buildings and infrastructure haven't been built (historically) to resist the stresses of a major geological event. Secondly, due to the fact that there are relatively few faults (stress relievers) in the midwest as compared to California, any quake here would likely cause much more intense movement. It is just the nature of geology. (Note the fact that this quake DID cause damage in Louisville AND Indianapolis, both hundreds of miles from the epicenter.)

    Earthquake insurance is a fairly inexpensive option to the traditional coverage that most homeowners would normally carry anyway. I think that the benfits of that additional coverage would FAR outweigh the expense.
  • Hey Norm, one other interesting fact about that big New Madrid quake you mentioned...... it is said to have actually reversed the course of a portion of the Mississippi River, briefly. Amazing! It also the strongest recorded earthquake to have ever occured in the continental United States. That's right, STRONGEST EVER... right here in the mid-west, NOT California (Andrew).
  • Thanks, Marshall. The New Madrid fault and the quakes it caused are really a fascinating study. Imagine the history we'd have available to us had the quakes happened after the Midwest was developed and populated with scientists and news organizations.
  • Marshall,
    You must be an insurance agent. 5.2 is a MINOR earthquake. There WAS NOT any serious damage reported near the epicenter, let alone here... and dishes being broken doesn't count as serious damage. So, you need to check your information again.
    So, my question for you is, which do you sell... State Farm, Nationwide, Allstate, etc.?

Post a comment to this blog

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
  1. Hello Dear Are you tired of Seeking Loans and Mortgages,have you Been Turned down constantly By your banks and Other Financial Institutions or Micro Finance scheme. This is let you know with 100% guarantee that we Offer loans ranging from $1,000 Minimum to $1,000,000.00 Maximum at 3% interest rate per Month. We give out LOANS for developing business. a competitive edge/business expansion. email address: michealscottloan124@gmail.com We offer the following kinds of loans and many more; * Personal Loans ( Unsecured Loan) * Business Loans ( Unsecured Loan) * Consolidation Loan * Combination Loan * Home Improvement * Xmas Loans for contact to seek for loan email this email address: michealscottloan124@gmail.com Thanks

  2. My name is Mr Henry Josh and i live in the USA California and life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first SON needed a kidney transplant and all our savings were going towards his medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my wife will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i got my loan within 12 hours through bank transfer and you know, it was all like a dream and i called Mr Daniel Jones A Man who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest man on earth because by GOD’S grace, my SON kidney transplant was successful and today he is healthy, i and my family are living very comfortable and happy and if you are in my former situation or in serious and legitimate need of a loan, you can reach this GOD sent lender via fidelityloanfirm@outlook.com

  3. Greetings to everyone reading this comment!!! I am Greg William by name. I am out here to recommend the effort of Mark Oscar,I was in need of a consolidation loan amount of 50,000 and as soon as I got in contact with Mark Oscar Loan Firm on Wednesday last week and on Friday last week as well I receive an alert from my bank(Royal Bank of Scotland Group) that the fund was transferred,I want everybody on this site to contact Mark Oscar now via email on how to get a loan because I got my loan from them and I am very happy,so contact them now. Oscarloanfinance@hotmail.com Thanks!!!!!!

  4. Elected officials, like Mourdock, get vested in 8 years. It takes 10 years for all other public employees, most of whom make a lot less money. So much for the promise to finish out his term.

  5. Great state treasurer and a good man!! Just curious if the folks who didn't quite understand his quote would like to tell my daughter-in-law that God didn't intend her! Mourdock's comment was correct but twisted and the article didn't mention that his opponent and the press let the impression stand that Mourdock meant that the rape was intended. Stupid people!!

ADVERTISEMENT