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This has always been our motto and continues.... We understand every family has different insurance needs, be it coverage or premium. No two cases are the same and we will always do our best to guide you into proper coverage to fit your budget. We are here to help ...anytime. 206 842 7410

Earthquake Insurance in the Northwest

Posted By Andy Kosick In Earthquake Insurance | 5 Comments | Permalink | print this article

Here in the Northwest Earthquake Insurance is one of the most important types of Insurance to add to your Homeowner’s Policy...and yet it is also the most forgotten about. Thinking about Earthquake Insurance requires preparing for the worst, and yet as humans we tend to hold the mind set, “Oh that would never happen to me!” However, looking at where we are located here in Washington state we have to be aware that it very well could happen to us. The question we really need to ask ourselves is, “if it happened could I afford to replace my home?” Most of us would have to answer “No.” In light of this it is extremely important to have Earthquake Insurance.

Earthquake Insurance can be added as an endorsement to your existing policies, or it can be purchased as a stand-alone policy. There are certain underwriting guidelines when purchasing one of these policies. These guidelines are:

  • What year was home built?
  • Type of foundation?
  • Type of construction; frame or masonry?
  • Approximate distance to water?
  • Is the home located on a steep bank?

Many insurance companies in the State of Washington no longer offer Earthquake Insurance. Consumers may not even be aware that their insurance company is no longer offering this coverage. It is important to call your current insurance company and specifically ask them if they carry Earthquake Insurance.

At Eagle Harbor Insurance we have several different markets that provide Earthquake Insurance, and we will work with you to find the type of coverage you need.

Allstate Dropping Most Earthquake Insurance Nationwide

Posted By Andy Kosick In Earthquake Insurance | 6 Comments | Permalink | print this article

June 5, 2006....The "Good Hands People" announced that they are dropping earthquake insurance to most of their insurance customers nationwide as part of a larger move to reduce exposure to catastrophic losses.

Eagle Harbor Insurance is a an independent agency and brokerage. We are not limited to the actions of one company. We have many options for our customers regarding their insurance needs and many options for Earthquake Coverage.

"Air Force One Solution"

Posted By Andy Kosick In Earthquake Insurance | 0 Comments | Permalink | print this article

Earthquake insurance might not be the answer, but this is a question you should ask yourself BEFORE another one hits the Puget Sound area.

A litte more than five years ago, the 6.8 magnitude Nisqually Quake shook the central Puget Sound basin, causing nearly $3 billion damage and spawning 9,500 insurance claims.

The fault that caused it isn't even the most problematic. The Pacific Northwest is crisscrossed with faults. One off the Washington coast is substantial enough to cause a magnitude 9 quake and catastrophic damage. Yet only 12 to 15 percent of local homeowners carry earthquake insurance. Some owners may not have it because they believe - erroneously - that their regular homeowners' policy covers quakes.

There's a joke in the insurance industry about mind-set. It's nicknamed the "Air Force One Solution" - based on the myth that the president will surely fly over our disaster zone and drop $100 bills from his plane. Good luck with that!

Help from the government is very limited. The Federal Emergency Management Agency provides only limited assistance. The cap on FEMA grants to a single household is $26,200.

If the worse-case scenario struck, most homeowners would still owe the bank hundreds of thousands of dollars on top of their reconstruction costs.

Insurance Coverages

No matter what your circumstances, we'll help you with any insurance coverage you need. You'll get fast, friendly service and expert on-target coverage. .

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Give us a call at (206) 842-7410, or drop us an email at: tom@eagleharborinsurance.com or rita@eagleharborinsurance.com We would be glad to talk with you, answer any questions you have and get you a quote. .

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