GEO 380: EARTHQUAKES IN THE PACIFIC NORTHWEST: . Street:350 Winter St. NERoom 410Salem, OR, 503-378-4140 (Salem)888-877-4894 (toll-free in Oregon)503-947-7862 (fax)Contact usAbout us. "When Californians first realized decades ago they had a serious earthquake concern, their initial reaction was one of denial. In the Pacific Northwest, earthquake insurance is a bargain. Examples of this might include: Employment Practices Liability Insurance (EPLI), Accountant / CPA Professional Liability Insurance, Advertising Agency Professional Liability Insurance, Architect Professional Liability Insurance, Engineer Professional Liability Insurance, Environmental Consultant Professional Liability Insurance, Financial Services Professional Liability Insurance, Management Consultant Professional Liability Insurance, Marketing Consultant Professional Liability Insurance, Miscellaneous Professional Liability Insurance, Real Estate Professional Liability Insurance, Staffing Company Professional Liability Insurance, Technology Consultant Professional Liability Insurance, Earthquake Insurance Frequently Asked Questions, Earthquake Retrofit Requirements for Insurance. The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Environmental & Historic Preservation Guidance, Real Estate, Lending or Insurance Professionals, State, Local, Tribal or Territorial Governments, Preparedness Activities, Research & Webinars, Voluntary & Community-Based Organizations, Environmental Planning & Historic Preservation, National Business Emergency Operations Center, National Earthquake Hazards Reduction Program. The tool can be set to magnitudes between 8.1 and 9.0 on the Richter scale. OSU Emergency Management Goal: Through the DAM Ready movement, increase emergency preparedness in the campus community through planning and outreach. Just type in a location in the search bar at the top right and wait for the assessment to pop up (you may have to wait a couple of minutes). Lidar data from the Oregon Lidar Consortium was downsampled. Site peak ground acceleration, in g (standard gravity). Youll have 30 days to respond to their written notice. How To Find The Cheapest Travel Insurance, California Earthquake Authority insurance premium calculator. The earthquake insurance deductible typically is a percentage of the insured amount. The Oregonian/OregonLive has also compiled data on building construction and earthquake preparedness in the Portland-metro area. (how to identify a Oregon.gov website) Oregon State University employees and departments may not directly purchase insurance (except for individual 4H accident insurance policies purchased by the local 4H organization). Your Oregon earthquake insurance deductible works as a stated percentage which is anywhere from 10% 25% this contrasts to a standard home insurance policy which generally has a dollar amount such as $500 or $1,00 for claims such as fire and theft. All Rights Reserved. [3] This is likely more expensive today, due to the increase in construction costs and inflation over time. The average cost of earthquake insurance is about $850 per year, according to AAA. The last Cascadia Subduction Zone eventMagnitude 8.0 to 9.1was January 26, 1700, and they happen about every 280 to 350 years. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). Despite experiencing 90% of the countrys earthquakes, only 10% of Californias residents have earthquake insurance. Your decision to carry Oregon earthquake insurance involves the consideration of many factors. water wells, hydrocarbon exploration, etc). Even if you dont purchase an earthquake policy in California, homeowners and renters insurance is required by law to cover fire damage that follows an earthquake. Rates for earthquake insurance. The health insurance must meet federal, state and OSU requirements (OAR 576-025-0020 ). Flood insurance will typically cover damage caused by a tsunami. This is a database of natural gas local distribution in the U.S. provided by the Department of Homeland Security. Bridge damage map for the selected Cascadia subduction zone earthquake scenario using earthquake ground shaking + landslide + liquefaction fragility functions. Earthquake insurance deductibles are another major factor to consider when buying earthquake insurance they tend to be more expensive since theyre set at a percentage of your coverage instead of a flat dollar amount like standard home insurance deductibles. They include: Require grading ordinances that not only would help reduce earthquake damage but also guard against soil movements and landslides that cause significant property damage. Earthquakes are considered a hazard in Oregon, so homeowners in Oregon may want to consider earthquake coverage. These structures, built before the 1960s, are generally made of brick and have little to no steel reinforcement. The report says about 143 million Americans live and work in areas with at least some potential for shaking that could lead to damage in structures. Mission: To create a prepared and responsive OSU that decreases the impact of incidents to OSU operations. Hire a public insurance adjuster to help with large claims, including managing paperwork and meeting deadlines. Site spectral acceleration at 1.0 sec, in g (standard gravity). Portland, OR 97221-2424, Privacy Statement | Terms of Use | Sitemap, The peril of earthquake is excluded in a standard Oregon. Insurer Lemonade estimates a slightly lower average cost at $800 per year. The information provided herein is for reference only and is not suitable for incorporation in engineering design or site-specific analysis; instead, it provides a starting point to identify and understand hazards of primary concern. A Policygenius agent can help you find homeowners insurance companies that offer earthquake coverage. As a combined single limit policy at time of claim settlement coverage may be applied as needed to dwelling, contents, loss of use, etc. Susceptibility map for the Gales Creek watershed showing a probability of failure corresponding to a kh=0.3, m=0.25 and cr=8. However, these types of structures are only covered when they are integral to the stability of your dwelling. Always verify that the company or individual you are working with has a license. That's what has happened in California, and that's the approach we should be taking here in the Pacific Northwest.". Start by asking yourself if you could afford to rebuild your home and replace your personal belongings after an earthquake without insurance. When To Hire A Lawyer For A Home Insurance Claim? Keep in mind, you may be able to purchase a policy that covers commonly excluded items. Frequently review the earthquake Emergency Action Plan and the DO NOTs noted. A standard homeowners insurance or renters insurance policy doesnt cover earthquake damage, as earthquakes arent covered by hazard insurance. Community Rules apply to all content you upload or otherwise submit to this site. A magnitude 9 quake has a 10% to 15% chance of occurring in that period, he said. CORVALLIS, Ore. - New research shows that a big earthquake can not only cause other quakes, but large ones, and on the opposite side of the Earth. In some cases, older homes may have to be retrofitted to qualify for coverage. Ian Bloom, CFP, RLP, is a certified financial planner and a member of the. Many people find earthquake insurance to be pricey, especially considering the high deductibles that theyd have to cover anyway. Get emergency instructions from a trusted source (radio, television, internet). Learn more about how to decide on earthquake insurance. Your decision to carry Oregon earthquake insurance involves the consideration of many factors. Visit www.floodsmart.gov. * An acceptable CSV file format is comma-delimited with PID, Latitude, Longitude fields! Rates for earthquake insurance depend on several factors, including: The average earthquake insurance cost in California is $738 annually, according to the California Department of Insurance. How much does earthquake insurance cost in Oregon? Performance information may have changed since the time of publication. This is a database of land mobile broadcast towers in the U.S. provided by the Department of Homeland Security. At OSU, Yeats introduced a course on Pacific Northwest earthquakes that meets the university's "science, technology and society" component of its baccalaureate core. But the problem now in the Pacific Northwest is not primarily one of science, it is one of generating the necessary public awareness of these issues and willingness to do something about them, he said. Questions about this page? The findings, published Aug. 2 in Nature Scientific Reports, are an important step toward improved short-term earthquake forecasting and risk assessment. Face the need for and support physical upgrading and retrofitting of our most vulnerable public structures. This accessibility map presents the travel time from each zone to Portland International Airport when the network is disrupted, specifically, the eight bridges over the Willamette Rive near Portland downtown are set to be failed. Take control of your financial future and download the Earthquakes Can Drain Your Bank Account infographic. Some earthquake insurance policies will not cover certain types of problems that occur right before, during or after an earthquake. Learn how, An official website of the State of Oregon, An official website of the State of Oregon , DFR.FinancialServicesHelp@dcbs.oregon.gov, Securities.Registrations@dcbs.oregon.gov, Est preparado para enfrentar desastres naturales, Oregon Department of Geology and Mineral Industries (DOGAMI), DOGAMI map of earthquakes in Oregon since 1841, U.S. Geological Survey(historical earthquakes, interesting facts), Printer-friendly tips on earthquake coverage. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). I'm a renter. This is a database of dams in the U.S. provided by the Department of Homeland Security. However, earthquake insurance can come with an expensive deductible a cheaper option may be to simply add an earthquake endorsement to your homeowners insurance policy. If earthquake damage to your home is so severe that you must move out, coverage for additional living expenses is available only if you have earthquake coverage. YouTubes privacy policy is available here and YouTubes terms of service is available here. It looks like Bancorp Tower will be good to go if an earthquake hits. A deductible is the amount you pay before your insurance kicks in. Commissions do not affect our editors' opinions or evaluations. Best homeowners insurance companies of 2023, Best disability insurance companies of 2023, Best homeowners insurance in Oregon for 2023. The science of understanding, preparing for and even forecasting earthquakes has evolved tremendously in recent decades, Yeats said. The federal governments disaster assistance is limited. As a journalist and as an insurance expert, her work and insights have been featured in Forbes Advisor, Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere. The health insurance must meet federal, state and OSU requirements (OAR 576-025-0020). For more generalized information regarding earthquake and other types of hazards in Oregon meant for the general public, please visit the web page of Oregon HazVu: Statewide Geohazards Viewer at: Oregon HazVu CLiP and the Geomatics research group are not responsible for errors or omissions in information provided on this website. This is a database of FM transmission towers in the U.S. provided by the Department of Homeland Security. This is a database of reclamation reservoirs in the U.S. provided by the Department of Homeland Security. The map uses a new liquefaction susceptibility map and a new map of site peak ground acceleration from Madin and Burns (2013, in references) as input to the model. In most states, insurers offer earthquake insurance as a separate option to their standard homeowners policy for an additional premium. in School of Civil and Construction Engineering at the There are typically a lot of exclusions and limits on coverage, which should give you pause. It's rated very low risk for every section, except lateral spreading, where it's scored as "medium.". Coverage provided by Oregon earthquake insurance policies include coverage for earthquake related losses and does not provide coverage for losses attributable to other perils that may be covered under your homeowner policy. If you own a condo or you are a renter, you can purchase earthquake insurance to cover your personal belongings and additional living expenses if you cant live in your home because of earthquake damage covered by your policy. How does long-term disability insurance work? This map uses the methods of section 4.2.2.2 of the HAZUS-MH MR4 (FEMA, 2011 in references) to create a new coseismic landslide probability map for Oregon. Below is what earthquake insurance does and does not cover. This is a database of substations in the U.S. provided by the Department of Homeland Security. How do insurance companies define earthquake? Washington state joins it in May, which will complete coverage of the West Coast of the contiguous United States. Earthquake insurance is not required by law, but may be something youd want to consider if you live in an area of Oregon that's at high risk for earthquakes. Many insurance companies stopped insuring earthquakes in the 1990s after projections suggested that a major earthquake could potentially bankrupt them. The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Visitors are encouraged to confirm the information contained on this website with other reliable sources and agencies. We endeavor to empower the greater OSU community to continually assess and effectively manage risk, and preserve and strengthen OSUs human, physical and financial resources. Damage caused by an earthquake isnt covered by a standard homeowners, renters or condo insurance policy. If so, for how long? Grants for home repairs are meant to cover essential repairs only, to get your house to be safe and clean, not to restore it back to its original condition. Additional living expense normally extends for up to one year after a loss to pay extra expenses for moving and renting other space while your home is repaired. Older homes cost more to insure than newer homes. National earthquake hazard reduction program which depicts the site class based on the site soil properties and shear wave velocity in accordance with geotechnical data. Earthquake insurance helps pay to replace, repair, or rebuild your home and personal property if either are damaged by a quake. Share sensitive information only on official, secure websites.. The deductible could range from 10% to 25% of the dwellings policy limit. In Oregon, most insurers offer the option of a 10% deductible or a 15% deductible. Oregons earthquake risk is not a question of if but when. The reason for this is that the because everyone in your area will have a loss at the same time this will affect the availability of building supplies, labor, food, hotels, telephones and the like. Helping you and our community prepare, respond, and recover from lifes different hazards. They thought if anyone found out about it that it would be bad for business. Also, you must purchase your CEA policy from the same insurance company that has your home insurance policy. Since many homeowners' biggest investment is their home, earthquake insurance may help protect that investment. The same homeowner with $150,000 in personal property coverage (contents) would have a separate deductible of $15,000. Editor's note: This is a revised version of the press release. This is a database of watershed HUC in the U.S. provided by the Department of Homeland Security. Since many homeowners' biggest investment is their home, earthquake insurance may help protect that investment. Only 13 percent of these buildings have been updated and another 8 percent have been demolished since the 1990s, according to the press release. Geological evidence shows that earthquakes at or near a magnitude 9.0 have been happening along the Cascadia Subduction Zone for thousands of years. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. A homeowner with $300,000 in dwelling coverage and a 10 percent deductible would pay $30,000 before insurance pays. A higher deductible may qualify you for discounts. Understand various vehicle use rules and how insurance applies to different modes of ground travel. Best Commercial Coverage: ICW Group. Some other resources that show earthquake hazards: The Portland Bureau of Emergency Management released amap and database on unreinforced masonry buildings. Here is a California Earthquake Authority insurance premium calculator. Earthquake insurance typically covers the following: The following items are commonly excluded on earthquake insurance policies: In addition, a California Earthquake Authority policy will cover structures such as bulkheads, piers, retaining walls and masonry fences. Payments are triggered if set parameters agreed on in the contract are met (for example, when an earthquake meets or exceeds a certain ground shake intensity) and a third party verifies them. The City of Portland is the only jurisdiction in Oregon that has adopted specific, prescriptive standards for earthquake retrofitting. Earthquake insurance covers direct physical loss to property. As an insurance broker I help individuals throughout Oregon and the Pacific Northwest manage risk. Oregon State University Learn about our editorial standards and how we make money. to create this 10-meter raster. You are not required to take the policy. Keep in mind that home insurance wont cover earthquake damage. Earthquakes are more likely in some parts of the country than others, so coverage or rules may vary from state to state. 'The Really Big One' earthquake and tsunami explained by hand. Do most policies have guaranteed replacement cost coverage? "Due to laws passed after that event, California now leads the world in understanding its earthquake risks and preparing for them with it building codes, siting regulations and other programs. In alignment with Oregon State Universitys Strategic Plan 4.0, Insurance and Risk Management Services dedicates its services to the stewardship of the human, fiscal and physical resources which are entrusted to OSU. It took serious disasters before they changed their approach. Corvallis, OR97331 Site spectral acceleration at 0.3 sec, in g (standard gravity). Lessons learned from the aftermath of disasters have revealed, time and again, that you can effectively manage risk and recover faster after a disaster if you have insurance. The repeat interval of such earthquakes in geologic history has at times been less than 300 years, and an earthquake such as this, at magnitude eight or larger, would now cause a catastrophic level of damage, billions of dollars in property losses and thousands of deaths. You also want to make sure your earthquake insurance policy has enough personal property coverage and additional living expenses coverage. This is a database of transmission lines in the U.S. provided by the Department of Homeland Security. This accessibility map presents the travel time from each zone to Portland International Airport when the network is intact. The methods and data used to make this map are described in detail in: Madin, I.P., and Burns, W.J., 2013. This map lets you compare your earthquake shaking hazard with other areas in the United States. I own a condominium. By California law, your homeowners insurance company is required to offer you earthquake insurance when you purchase your policy and then once every other year. What earthquake insurance deductible options are available? "California got its wake up call after a serious earthquake in 1933 destroyed many schools in Los Angeles," Yeats said. Unfortunately, damage caused by an earthquake is a common exclusion for homeowners, condo and renters insurance policies. Student Health Services Most companies will define earthquake as means shaking or trembling of the earth, whether caused by volcanic activity, tectonic processes or any other cause. Repairing or rebuilding your home if its damaged by a quake, Repairing or replacing your personal belongings if its damaged by a quake, Additional living expenses like hotel stays or restaurant meals if you need to temporarily live elsewhere while your home is being repaired after a quake, Additional damage caused by an earthquake, like if the earthquake results in a fire this would be covered by home insurance, Floods or tsunamis youll need flood insurance for that. The discounts range from 10% to 25% based on the age of the home and type of foundation. The part of an earthquake insurance policy that covers hotel expenses is called Loss of Use. Probability of earthquake-induced landslide under wet (or saturated) soil conditions. For more generalized information regarding earthquake and other types of hazards in Oregon meant for the general public, please visit the web page of Oregon HazVu: Statewide Geohazards Viewer at: The linked websites are not under Geomatics research groups control and the research group does not assume any responsibility or liability for any communication or materials available at such linked websites. You have 30 days to accept the offer. Earthquake is normally defined in your policy as shaking or trembling of the earth, caused by volcanic activity, tectonic processes, or any other cause.. Will a separate insurance deductible apply to the structure, contents, and detached structures, or does one deductible apply to the entire loss? Lets use the same coverage example as above. It has known security flaws and may not display all features of this and other websites. Only share sensitive information on official, secure websites. Life insurance teamMonday-Thursday 9am-10pm ETFriday-Sunday 9am-8pm ET, Home & auto insurance teamMonday-Friday 9am-9pm ET, Disability insurance teamMonday-Friday 9am-6pm ET, 555 S. Mangum St., 6th FlDurham, NC 27701. You must have a residential property insurance policy in order to buy a CEA policy. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). ) or https:// means youve safely connected to the .gov website. Wood frame homes generally benefit from lower rates than brick buildings because they have the ability to flex as a home made of masonry will shatter and cannot handle the stress as well as wood structures. Maintain or consider getting earthquake insurance, especially if you live in an area that has been mapped as being particularly vulnerable to earthquakes or soil liquefaction. Susceptibility map for the Gales Creek watershed showing a probability of failure corresponding to a kh=0, m=0.25 and cr=8. This is a 3D mesh model of the buildings in Portland. If your home is insured for $200,000 and it ends up costing $375,000 the company will rebuild it without carrying any of that cost over to the insured. They can happen in all 50 states. The homeowner can choose how much of the $297,000 goes towards rebuilding the home versus how much is used for other structures, personal property and loss of use. An official website of the State of Oregon The preferred browser for O-HELP is Google Chrome. On top of providing coverage for loss due to earthquake the comprehensive portion of an auto policy will also provides coverage for losses that would include the following: loss caused by missiles or falling objects; fire; theft or larceny; explosion; windstorm, hail, water, or flood; malicious mischief or vandalism; riot or civil commotion; contact with bird or animal; or breakage of glass. You choose what you set your deductible to when you purchase your policy. This is a database of oil and natural gas interconnects in the U.S. provided by the Department of Homeland Security. This map uses the methods of section 4.2.2.1 of the HAZUS-MH MR4 (FEMA, 2011 in references) to create a new coseismic liquefaction lateral spread permanent ground deformation (PGD) map for Oregon. Annual earthquake insurance premiums can range from $800 - $5,000, and policy deductibles can be as high as 10 - 20% of your coverage limit. He has a B.S. 5201 SW Westgate Drive By Kara McGinley Expert reviewed By Ian Bloom, CFP, RLP Updated October 12, 2022 | 3 min read Policygenius content follows strict guidelines for editorial accuracy and integrity. The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. How much earthquake insurance coverage should I buy? Your insurance company will help you figure out how much dwelling coverage you need. An example would be if the policy had a replacement cost of $297,000 (includes dwelling, other structures, personal property, & loss of use) with a 10% deductible the responsibility of the homeowner would be $29,700. This map uses the methods of section 4.2.2.2 of the HAZUS-MH MR4 (FEMA, 2011 in references) to create a new coseismic landslide permanent ground deformation (PGD) map for Oregon. O-HELP 3D Oregon Hazard Explorer for Lifelines Program Cascadia Lifeline Programs (CLiP), School of Civil and Construction Engineering, Oregon Department of Geology and Mineral Industries. Say you insured your home for $300,000 and set your deductible to the 10% option, that means you'd receive a claim payout for $270,000($300,000 dwelling coverage minus $30,000 deductible). [4]. There are a few ways an insurance contract can rebuild your home after a loss two types of insurance policies that I offer for the replacement of your dwelling include: All condominium association master insurance policies are written differently in regard to coverages, deductibles and how much, if any, of the interior of your unit is covered by the associations master policy. This is a compilation of all ODOT highway networks. This is a database of natural gas storage facilities in the U.S. provided by the Department of Homeland Security. Research in the field can and should be increased. Grab a feed of news and stories for your site. Check with your agent when purchasing earthquake coverage to make sure that the additional living expense coverage extends to earthquake damage. in Criminal Justice from Kutztown University and an M.F.A. This elevation data was converted into slopes, and a multi-pronged analysis process used these slopes, geology and mapped existing landslides Is the deductible for my earthquake insurance coverage different from the deductible for my basic homeowners insurance coverage? Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. The dwelling portion provides funding to repair or rebuild your house if its damaged or destroyed, so you want to make sure you have enough coverage. The methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. , RLP, is a database of reclamation reservoirs in the United States companies stopped earthquakes... Policy is available here and youtubes Terms of Use | Sitemap, the peril of earthquake a! Construction costs and inflation over time concern, their initial reaction was of! 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