Should I Buy Earthquake Insurance?

Written: February 6, 2013

When assisting clients with property Mt. Hood
insurance, this is one of the most common questions we receive. In our professionally biased opinion; our answer would be, “You should buy all the insurance you can.” However, the real answer is slightly more complex. We know that even the best insurance policy out there cannot “fully” protect you from an event. For example, the deductible for your earthquake insurance may be 10%. That’s $30,000 on a home that is insured for $300,000. The truth is that before a decision can be made of whether to buy insurance or not, we must take time to review and analyze the risk at hand.

A recent article in The Oregonian provides a substantial amount of information and a sobering dose of reality. There are a number of things that we simply will not have control of (i.e. how long power will be down, will I be able to buy food, when will a claim adjuster be available to me). These are risks that can be identified and provide us with a great opportunity to better prepare. This is what we at Miller Insurance call “TRIO” – Turning Risk Into Opportunity.

As the article states, “When, not if, the magnitude-9.0 quake strikes — let alone an accompanying tsunami — Oregon will face the greatest challenge in its history.” The report continues by saying, “Buildings will be so severely damaged that restoring full utility service will take three months to a year in western valleys and far longer on the coast.”  This statement dwarfs the standard emergency preparedness doctrine of preparing to be self sufficient for 72 hours during a disaster.

“We cannot avoid the future earthquake,” the report said, “but we can choose either a future in which the earthquake results in grim damage and losses and a society diminished for a generation, or a future in which the earthquake is a manageable disaster without lasting impact.”

So with this we encourage you to take time to truly analyze your potential risk, and how you will protect yourself, your family, and your business. Be prepared! If you need help on how to get started, useful links can be accessed on our website at or call us and we’ll be happy to share with you what we have been sharing with others.

Click here to read The Oregonian’s article in its entirety: Cascadia earthquake, tsunami could cost Oregon economy $32 billion


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About the Blog

TRIO - "Turning Risk Into Opportunity" We are all surrounded by risk. It's no wonder we can easily find ourselves consumed by our efforts to control risk and we can't see how the risks that surround us can be turned into opportunities. Here we will share what we have learned to help your organization look beyond the transaction of insurance and find the hidden costs within organization.

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