Are the existing buildings in downtown which have been converted or are in the process of being converted to lofts insured for loss from earthquakes? I understand that new buildings will have to be constructed to withstand earthquakes, and are therefore insurable, but I'm wondering about the older ones.
I'd guess, sure you can buy earthquake insurance. But I don't know the ins and outs of condo insurance. I've got earthquake converage on my single family in Soulard. If you want a definate answer, contact an insurance agent who lives and works in the area. Jim Price in Soulard is an Allstate agent with offices on 12th street and Shenandoah (I think).
Our association (building) insurance at Elder Shirt includes an earthquake rider. So, yes, it's possible to insure the old non-retrofitted structures.
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You can add earthquake coverage to a condo policy fairly easily. It will cover the value of your contents and finishes/fixtures. A deductible applies (usually from 15% to 25%) of that value.
I'm not familiar with earthquake coverage for large commercial or mulit-unit residential buildings. I would imagine a building would have to be retrofitted before an insurance company would be willing to write the risk. Why insure something that is guaranteed to collapse in a large quake?
I'll look into it though...
I'm not familiar with earthquake coverage for large commercial or mulit-unit residential buildings. I would imagine a building would have to be retrofitted before an insurance company would be willing to write the risk. Why insure something that is guaranteed to collapse in a large quake?
I'll look into it though...
bywayofSTL wrote:You can add earthquake coverage to a condo policy fairly easily. It will cover the value of your contents and finishes/fixtures. A deductible applies (usually from 15% to 25%) of that value.
I'm not familiar with earthquake coverage for large commercial or mulit-unit residential buildings. I would imagine a building would have to be retrofitted before an insurance company would be willing to write the risk. Why insure something that is guaranteed to collapse in a large quake?
I'll look into it though...
Most basic coverage for property does not include flood or earthquake insurance coverage. As a condo unit owner, in order to protect against these possibly other unspecified losses, you need special coverage. It's also important to note that the 'master' condo assn policy does not extend coverage for earthquake. This is an optional coverage that needs to be added on to be a loss insured similar to that of a condo unit owner.
This is an especially important to denote for those of us who are purchasing condos in the downtown area as we'll want to ensure that the association includes earthquake as an additional coverage to protect our investments.
cbroy2544 wrote:bywayofSTL wrote:You can add earthquake coverage to a condo policy fairly easily. It will cover the value of your contents and finishes/fixtures. A deductible applies (usually from 15% to 25%) of that value.
I'm not familiar with earthquake coverage for large commercial or mulit-unit residential buildings. I would imagine a building would have to be retrofitted before an insurance company would be willing to write the risk. Why insure something that is guaranteed to collapse in a large quake?
I'll look into it though...
Most basic coverage for property does not include flood or earthquake insurance coverage. As a condo unit owner, in order to protect against these possibly other unspecified losses, you need special coverage. It's also important to note that the 'master' condo assn policy does not extend coverage for earthquake. This is an optional coverage that needs to be added on to be a loss insured similar to that of a condo unit owner.
This is an especially important to denote for those of us who are purchasing condos in the downtown area as we'll want to ensure that the association includes earthquake as an additional coverage to protect our investments.
Since we're on the topic of insurance, I thought I might add an additional thought. You may want to look into the costs of increasing the Loss Assessment portion of your condo unit owners policy when you get around to purchasing insurance for your unit. It's a unique type of coverage which recognizes the potential for owners to be assessed for certain kinds of loss.
Examples of circumstances that might require the condominium/ association to assess all unit owners:
**Someone is seriously injured on common property and the courts award a judgment that's higher than the amount of liability coverage provided by the condominium/association policy.
**Major damage occurs to commonly owned buildings and it is not fully covered by insurance.
In either case (and other similar cases), loss assessment coverage would pay your share (up to stated amount). Most policies include a basic amount, such as $1,000. You can increase this to amounts such as $5,000, $10,000, $25,000 and so on for a nominal increase in premium, which I think is well worth it.
Condo unit owners affected by the hurricanes of 2004 and 2005, and particularly in the Gulf Shores area for example, can strongly attest to the need to increase this type of coverage as there were very large assessments rendered as a result of these hurricanes.
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Are the really tall buildings likie Metropolitan Square and SBC earthquake proof.
Cuz if they arent and there is a big earthquake like the 1800's earthquake then that would not be cool.
Cuz if they arent and there is a big earthquake like the 1800's earthquake then that would not be cool.
St. Louis Texan wrote:Are the really tall buildings likie Metropolitan Square and SBC earthquake proof.
Cuz if they arent and there is a big earthquake like the 1800's earthquake then that would not be cool.
I was doing a search for this topic and just noticed this question, so I'll bring the topic back up. From what I understand, the Data Center is actually designed and built to be earthquake resistant. ATT Center is inherently more earthquake resistant than a non-reinforced building, but was not exactly designed as such. I don't think 1010 Pine would fare too well, and the garage may be OK.
Going back to the topic, to those who own lofts in unreinforced masonry buildings downtown, how many have earthquake coverage through one source or another?
The biggest problem is that nothing is Earthquake proof. Earthquake resistance is designed into most newer buildings. Luckily the older shorter buildings are overbuilt enough to withstand earthquakes my cousin a earthquake analysis structural engineer in San Francisco tells me. Most tall construction based on steel buildings should be fairly secure due to their reliance on diagnal crossbracing.
Either way here is to hoping. And if those buildings are not ready for an earthquake, good luck trying to pry that info out of the owners cold dead hands.
Either way here is to hoping. And if those buildings are not ready for an earthquake, good luck trying to pry that info out of the owners cold dead hands.
Would anyone like to start a list here of insurance companies that will sell earthquake coverage in the city?
Mine (Allstate) discontinued their earthquake riders and I'm looking around to change insurers.
Also, what do others think about installing lightning rods? It seems like the weather patterns are changing and it could be a good idea.
Mine (Allstate) discontinued their earthquake riders and I'm looking around to change insurers.
Also, what do others think about installing lightning rods? It seems like the weather patterns are changing and it could be a good idea.
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Go with Amica - insurance was inexpensive and my home is insured for replacement cost (much more than market value) in case of an earthquake.
You don't have a lightning rod Matt? On a free-standing dwelling?
- 11K
^ Looking around my neighborhood I don't think most homes have lightening rods - my home does have a ground wire running from the roof and bolted into the ground - just no freestanding lightening rod per se.
Thanks for the Amica suggestion. No, I don't notice any lightning rods on houses in Soulard.
Hmmmm. I just assumed I had one, but now I am not sure. I live in an old brick home with a flat roof and I seem to remember a ground wire as well. Any electrically-minded folks out there that can explain why our houses might NOT have lightning rods?? If my house turns out not to have a lightning rod, I am going to be red-in-the-face. Its been storming all spring and summer and I have been sitting at home like I was completely safe. All the while I had no lightning protection on my house and a perfectly good aluminum foil helmet and electro-repulsion cloak with optional fluxion-nipple transducerators in my basement gathering dust.
Everything is dandy. I just hate when I buy expensive equipment and miss a good chance to use it.
According to their website, Amica excludes earthquake.
Any other ideas for companies that will sell earthquake in the city?
Any other ideas for companies that will sell earthquake in the city?
I don't know about the "City" but I have an unreinforced masonry home in Shrewsbury that has a 10% deductible earthquake rider from State Farm.
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Matt wrote:According to their website, Amica excludes earthquake.
Any other ideas for companies that will sell earthquake in the city?
It's not included in the standard policy - I don't think any companies covers earthquakes without an additional charge, but trust me - I have earthquake insurance through Amica.