Cohousing-L Mailing List: Re: Earthquake/disaster insurance

[Larry Miller (larry.miller]

At Oak Creek Commons, earthquake insurance has been a community discussion 
point for several
years. Previous estimates for complete coverage ran in the $15,000 area for 
coverage of both
common area facilities and the residences. This year, the community agreed to 
do 2 things
related to this:

First, all owners are now required to obtain Earthquake Loss Assessment 
coverage of $50,000.
Cost to the homeowner is under $100 and is offered by California Earthquake 
Authority and some
insurance companies. This provides a degree of protection to both the 
association and the
homeowners in the event that damage is done to one or more of the residential 
units.

Second, the community has approved $5,000 as part of the budget for the 
purchase of earthquake
insurance for the common area. We are still trying to obtain that insurance.

We are located in Paso Robles, CA. In 2003, when the project was under 
construction, there was
an earthquake here where 2 people were killed and a number of older buildings 
were severely
damaged.  Our project sustained only minor damage which was all corrected prior 
to completion.  

Larry Miller
Oak Creek Commons

-----Original Message-----
From: Flowers [mailto:flowers2 [at] sonic.net] 
Sent: Friday, August 08, 2008 2:07 PM
To: cohousing-L [at] cohousing.org
Subject: [C-L]_ Earthquake/disaster insurance


HI,
My first time to ask a question. I'm Ed Flowers, living at Yulupa Cohousing in 
Santa Rosa, CA.

A couple of our members have asked about earthquake insurance. Does any 
community have this
insurance? Or insurance that covers a disaster (other than a fire)? Or has any 
community set
aside some money to cover costs in case of a disaster (a kind of 
self-insurance)?

This is separate from the question of having enough food and water on hand in 
case of an
earthquake.

Thanks.

Ed Flowers
Yulupa Cohousing
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