Seems to me that We've experienced more 7.0 and greater earthquakes in
the last 4 months than we have in the last 20 years!
If you don't have earthquake insurance today
....perhaps now would be a good time to seriously consider adding it?
If your still unsured, simply ask yourself these questions:
1). Can I afford 2 mortgages even if I could qualify for another mtg
in this economy?
2) If you don't like the idea of doubling your mtg...not to worry your
liability is limited ....fema's maximum loan is only 240k but you must
qualify for it. Unfortunately this amount will only rebuild 1200 ft of
house so maybe the house was to big anyway? Less housework plus it
keeps the family close
3).Have u considered that your employment might be effected by this
event as well? Some companies closed up in the 94' 6.4 quake not sure
if the same trend could continue in a 7.8 quake
4). Did u know that if you choose not to rebuild you can still get the
$? you can scrape the lot demo the home, pay off the mtg and move to
Texas if you like and dont forget the $ you get from EQ coverage is Income Tax Free!
I often hear people say that the coverage cost is prohibitive but
usually it only costs $100-150 / month. You can't afford not to have it.
Finally we offer this coverage thru the CEA ( Calif. Earthqukae Authority) which is the worlds largsest
earthquake carrier. Remember when you were a kid and you used to say it's
better to ask for forgiveness than permission?
Well there will be millions in line asking their gov (fema) for a loan , grant or
some form of government aid. Problem is history has shown the government doesn't
respond to well ( ie New Orleans).
So unless you really like living in a
trailer out of state.... Maybe, just maybe, it's time to switch sides on
this debate and become one of the 13% in the state that is prepared and
does carry this coverage . I can think of alot of worse ways to spend
$100/ month and aren't your real estate holdings probably the biggest
asset you own?
Do the math ! Ten yrs of premium is between $14-18,000 . come eq time
you collect $200-300.000 income tax free and your not bankrupt. Think about it.....what would be a better deal? the
the $18,000 in saved premium plus 2% interest or the $315,000 of income tax free benefits??
This has been a public service message from krupka family insurance
Agency Inc. We welcome your thoughts & comments