Safeco and Earthquake Rider?

[LostDollar]

Kansas.

I have a safeco property policy that has an $11.00 earthquake rider. That comes with a deductible. The dollar amount is roughly half the value of my house. Are there "steps" in rider cost that would allow me to reduce that deductible some without huge premium increases?

(The fracking activities in KS and OK that "don't cause earthquakes" are causing an increasing number of earthquakes.)

 

[Skohio]

Very late response, but hopefully this will help. In my 12 years P&C experience in WA, OH, IN & KY the increase in premium to reduce the EQ deductible is fairly minor....less than $50 year.

Most carriers, in my experience, have a minimum deductible of 5%. From what you stated it sounds like your deductible is 50%? The $11 premium makes sense in that case.

You can call your agent and ask him/her to quote the lowest EQ deductible they offer. Also read the endorsement wording....any exclusions/limitations for fracking (or anything - could be worded differently).

I hope that's helpful if you haven't already found your answer!

 

[adjusterjack]

Are there "steps" in rider cost that would allow me to reduce that deductible some without huge premium increases?

That's a question for your insurance agent who should be able to quote different deductibles.

(The fracking activities in KS and OK that "don't cause earthquakes" are causing an increasing number of earthquakes.)

Are you sure that doesn't come under "mine subsidence" which is a different kind of coverage?

 

[LostDollar]

Very late response, but hopefully this will help. In my 12 years P&C experience in WA, OH, IN & KY the increase in premium to reduce the EQ deductible is fairly minor....less than $50 year.

Most carriers, in my experience, have a minimum deductible of 5%. From what you stated it sounds like your deductible is 50%? The $11 premium makes sense in that case.

You can call your agent and ask him/her to quote the lowest EQ deductible they offer. Also read the endorsement wording....any exclusions/limitations for fracking (or anything - could be worded differently).

I hope that's helpful if you haven't already found your answer!

I wish I had one. They make me go straight to Safeco. The last time I did that to change some information, first Safeco wasn't going to talk to me because of birthdate problems, then my auto rates went up.

I don't care to repeat that experience, running blind, with house insurance.

 

[adjusterjack]

Maybe it's time you found another agent/insurance company.

I've never been impressed with SAFECO as either a potential employer or an insurer.

 

[Skohio]

I wish I had one. They make me go straight to Safeco. The last time I did that to change some information, first Safeco wasn't going to talk to me because of birthdate problems, then my auto rates went up.

I don't care to repeat that experience, running blind, with house insurance.

It sounds like they had your DOB wrong from day one. Think of it as paying a lower rate than you should have been charged for that time.

Calling Safeco shouldn't cause a higher rate unless something was incorrect, then they discovered it and corrected it.

You might want to get quotes from other carriers as suggested.

Some carriers with good reputations are;
Amica Mutual
Erie Insurance
Grange Mutual
Cincinnati Insurance (they write in most states)

There are others, but you might start with those and call for quotes. I recommend having your policy dec pages in front of you when you call.

Also, if you have state minimum liability, as many people do because of the cost, but you understand higher liability provides better financial protection, call Safeco and increase the liability on your auto policy first (250/500/100 is suggested), then call other carriers for quotes the next day or so.

It makes a difference in the quotes and you could get better coverage for a lower premium.