Earthquakes Occur Every Day
According to the USGS there were over 200 earthquakes in the U.S. in the last 7 days. The Magnitude of these earthquakes ranged from 2.8 to 5.3. It is important that you understand what your earthquake risk exposure actually is. While there is not an exact science to this process we have identified three areas for you to consider; risk assessment, evaluation, and treatment. This is not intended to be an all-inclusive plan, but can be a nice starting point for a more detailed review and analysis.
Assessing Your Risk
The first thing you need to do is understand earthquake risk as it relates to your buildings and property. Your location is probably the most important assessment aspect, followed by the type of construction of your buildings. You can't do a lot about your location, other than know what your earthquake risk potential is. Are you in an earthquake zone, and if so what level? Construction plays an important role in damage assessment. For example, wood frame buildings tend to do better in certain kinds of earthquakes because wood frame buildings will give and take with the earth's movement. Steel frame buildings bend but don't go back, thus causing greater potential damage possibilities. Another assessment question would be does your building have any earthquake retrofitting?
Evaluating Your Risk
It is important to evaluate what your potential loss might be, based on your assessment. A frame building in a low earthquake zone might be evaluated at a low to med risk. A class "A" 10 story steel frame building in Vancouver might be evaluated as high risk.
Treat Your Risk (Consider Insurance)
The final stage is to create actions based on your assessment and evaluation. If you determine you had a high risk exposure, you may decide to purchase earthquake insurance with limits up to your total insurable value, if you felt that the risk from a quake was on the lower end you may decide on some other level of insurance. The amount of your deductibles may also be impacted on your assessment and evaluation of your risk. For example, you might take a higher deductible if your risk was lower.
Columbia River Insurance Services has access to markets that can provide competitive products. Please call me today for a review and quote.