A homeowner with $300,000 in dwelling coverage and a 10 percent deductible would pay $30,000 before insurance pays. Your insurance company must offer you earthquake insurance every other year. If your home was damaged, take steps to prevent further damage (such as boarding windows to prevent theft). In most states, insurers offer earthquake insurance as a separate option to their standard homeowners policy for an additional premium. 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. Any use of this website or the information available at this website is at your own risk and we will not be responsible for the consequences of your decision to utilize the information. 541-737-9355, Student Health Services Permanent ground deformation due to earthquake-induced landslide under wet (or saturated) soil conditions, in centimeters. Visit Ready.gov to learn how to prepare your finances for disasters like earthquakes. 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. OSU requires that all non-resident international studentsand their dependents(living in the United States) be covered by health insurance. This is a complete database of all bridges in the state of Oregon provided by the Oregon Geospatial Data Enterprise Spatial Data library. Oregon State University A .gov website belongs to an official government organization in the United States. Be prepared. Any insurance policy premium quotes or ranges displayed are non-binding. An earthquake of at least magnitude 7 has a 37% chance of occurring off the Oregon coast in the next 50 years, according to Chris Goldfinger, an earthquake expert and professor at Oregon State University. Here is a California Earthquake Authority insurance premium calculator. Scientists at Oregon State . It looks like Bancorp Tower will be good to go if an earthquake hits. If you missed the notice, you can contact your homeowners insurance agent and ask to add earthquake insurance. "This problem is not new," Yeats said. This is a database of dams in the U.S. provided by the Department of Homeland Security. Some other resources that show earthquake hazards: The Portland Bureau of Emergency Management released amap and database on unreinforced masonry buildings. 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. Cars and other vehicles are covered for earthquake damage under the comprehensive part of the auto insurance policy. 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. See that database. Corvallis, Oregon 97333 A higher deductible may qualify you for discounts. Washington state and California also use the system. Site peak ground velocity, in centimeters per second. Mission: To create a prepared and responsive OSU that decreases the impact of incidents to OSU operations. Oregon Hazard Explorer for Lifelines Program. The part of an earthquake insurance policy that covers hotel expenses is called Loss of Use. Permanent ground deformation due to liquefaction lateral spreading. 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. This is a database of retail service territories in the U.S. provided by the Department of Homeland Security. Extended Replacement Cost Coverage: This is designed to cover rebuilding your home based on the declared value on your policy with an additional 25% 50% cushion to protect you if there is an increase in labor and building materials. While earthquakes cannot be predicted, what you do financially can be. Get emergency instructions from a trusted source (radio, television, internet). 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. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). A risk assessment includes identifying, analyzing, and evaluating risk to aid in decision making. providing additional living expenses after a loss due to earthquake. This is a database of oil and natural gas fields in the U.S. provided by the Department of Homeland Security. 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 methods and data used to make this map are described in detail in : Madin, I.P., and Burns, W.J., 2013. Find your home inventory (if you have one). Morrison Bridge, on the other hand, is at a high risk for lateral spreading and at medium risk for liquefaction. Best Commercial Coverage: ICW Group. Take proactive steps today by setting up a safety net you can rely on! The interactive map shows which buildings were built prior to 1974, when Oregon adopted a statewide building code, and after seismic standards were adopted in 1993. Many insurance companies stopped insuring earthquakes in the 1990s after projections suggested that a major earthquake could potentially bankrupt them. How Should You Insure Your Oregon Investment Properties? The discounts range from 10% to 25% based on the age of the home and type of foundation. These costs can be significant and a financial burden to your family. The methods and data used to make this map are described in detail in: Madin, I.P., and Burns, W.J., 2013. Repairing or replacing you home damaged by an earthquake will typically cost more than a home that is damaged by a fire, water leak or other relatively small-scale disaster. Unfortunately, damage caused by an earthquake is a common exclusion for homeowners, condo and renters insurance policies. Permanent ground deformation due to earthquake-induced landslide under dry soil conditions, in centimeters. In a 2009 Oregon Division of Financial Regulation survey of the Portland market, it was determined that the cost of earthquake insurance for a wood-frame home insured for $300,000 with $150,000 in personal property coverage cost around $200 to $300 per year. In 2000, 60% of its residents had coverage. Earthquake insurance covers direct physical loss to property. 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). Information provided on Forbes Advisor is for educational purposes only. Kara McGinley is a former senior editor and licensed home insurance expert at Policygenius, where she specialized in homeowners and renters insurance. As a combined single limit policy at time of claim settlement coverage may be applied as needed to dwelling, contents, loss of use, etc. 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. Please note that all the probabilities in this dataset is scaled to 30 percentage. The exact cost depends on the amount of coverage, deductible, homes risk and other factors. This is a database of natural gas receipt points in the U.S. provided by the Department of Homeland Security. Your insurance company will help you figure out how much dwelling coverage you need. Oregon's earthquake risk is not a question of "if" but "when". Robert Yeats, a professor emeritus of geology at Oregon State University and author of a new book "Living with Earthquakes in California: A Survivor's Guide," says much of that book provides a blueprint for where Oregon should be in its earthquake preparation, but clearly is not. Is the deductible for my earthquake insurance coverage different from the deductible for my basic homeowners insurance coverage? If your association carries a separate earthquake insurance policy and the policy is an All In policy, this means that the interior walls, built-ins and any betterments or improvements are made to the unit are covered by the master policy. Call your insurance agent to ask about coverage and file a claim. Published in a open file report (OSSPAC,2013) by Oregon Department of Geology and Mineral Industries (DOGAMI). If earthquake insurance is not available as an endorsement, you may be able to buy it from another company as a stand-alone policy. Rates for earthquake insurance. 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. Please note that all the probabilities in this dataset are scaled to 30 percentage. Earthquakes can occur at any time and may cause a great deal of damage to your home. Therefore a home made of wood most likely will experience a lower premium. Despite experiencing 90% of the country's earthquakes, only 10% of California's residents have earthquake insurance. For more information on adding a dependent to your OSU health insurance, contact the Student Health Insurance office at 541-737-7600. Vision: OSU is DAM* ready (*Disaster and mission) Coronavirus Updates and Resources OSU is DAM* ready (*Disaster and mission), To receive alerts to your cell phone, landline, or personal email. Data from the USGS National Elevation Dataset were used in the remaining gaps where lidar data were not available. Oregon HazVu CLiP and the Geomatics research group are not responsible for errors or omissions in information provided on this website. Demand and support public policy that requires building codes be followed strictly for earthquake damage prevention, and also that seismic maps be given more consideration in the allowed siting of new structures. Your earthquake insurance company will set limits on your dwelling (house) coverage, similar to what you have on a homeowners insurance policy. Bridge damage map for the selected Cascadia subduction zone earthquake scenario using HAZUS-MH fragility functions. And that doesn't even consider the major risks the state faces from crustal earthquakes and shallower faults, some of which run right under the Portland metropolitan areas. 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. California already has the system. For example, if you buy an earthquake policy with only $100,000 of dwelling coverage, that might not be enough to rebuild your home if it were destroyed. The preferred browser for O-HELP is Google Chrome. "California got its wake up call after a serious earthquake in 1933 destroyed many schools in Los Angeles," Yeats said. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. Only 13 percent of these buildings have been updated and another 8 percent have been demolished since the 1990s, according to the press release. Keep in mind, most insurers wont sell earthquake insurance if there has been an earthquake in the last 30 to 60 days. If we have asbestos in our schools the law says we have to do something about it. 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