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OT Fracking (eatrthquake) insurance

T

Texasmark1

Well-known Member
Called my State Farm agent just now and asked about earthquake insurance beins we are having a lot of earthquakes that never occurred before and Fracking is becoming common place.

I live on a ridge that has shown signs of sub soil movement for 30 years so it's just a matter of time before everything vibrates out of the kitchen cabinets and off the walls.

He said that there isn't a homeowners policy in Texas that covers it.....he said it is like if you live on the beach and have water intrusion.....I said, I don't live on the beach and that's not the question I asked.

So I said something like since Fracking is getting to be common place and all and that places that never had earthquakes before are having them.....how much is a rider to cover that cost?

He er ah er ah and said you know you are the first person to ask that question. I said college boy, new agent in a spoiled client area....get busy and get the answer.

I'm all for homeland fuel.....absolutely. That't not the issue.

Mark
 
Bought my first house and was digging in the uncleaned attic and found war insurance from WWII, that was not worth the paper it was printed on if we were over run.
 
cost me an addition $104 a year on my homeowners policy.I am in western NY. asked my agent if any one else was as paraniod as me and she she a couple of people a year ask about it.Not a lot of people realize that there is a fairly large fault line in NY. Granted it is realitivly dormant but you never know. Bill
 
Am close to the New Madrid fault; usta be you could get an earthquake rider on your homeowner's policy; now it takes a separate policy and for us.............there's a $45,000 deductible.
 
I'm sure the insurance boards are asking questions, whether policy holders do or not. A ceiling or stucco wall is one thing, a fracking that ruins a well forever, is the value of the whole spread... they won't want to deal with that at all...
 
That's a good question! I'm 40 or 50 miles from the closest gas well and felt a tremor last week in the a.m. Makes you wonder.
 
For what it's worth, most homeowners in southern California don't get earthquake insurance if the lender doesn't require it. Too expensive.
 
I live in Texas and the earthquakes here have been so slight I don't think it merrits getting insurance. I once lived in another state where there were a couple of earthquakes rated at 5.5 and the only damage in the town was 100 year old chimneys that were ready to fall down anyway.
 
In Ohio the drilling and mining companies are responsible for damages from fracking or blasting, but you must a have a preblast survey done to your property before they begin. The companies are to notify you that they are working in your area and that you have the right to a survey. You can then request the survey and the state d.n.r. schedule a third party to survey the property. All parties are given a copy of the survey. I have had mining going on around my property for 15 of the last 17 years so far no problems other than a rude awaken from the post lunch nap.
 
That's the kind of info I am looking for. First hand account of low Richter scale events. I figure that what we would get would be like that as we don't have any "serious" faults around here and this area is not known for plate shifting.

I tend to agree that the insurance wouldn't be worth what it cost.

Thanks
 
I used to deal with a supplier in Oneonta, NY. I think we landed at the Bloomington (Bloom something within driving distance) airport...small airport sitting on top of a small mountain. On the way to Oneonta, I was amazed at the structure of, and the plates that stuck right up out of the ground at about a 30 degree angle.

Was also amazed at the size of the deer grazing a nearby hill side. I told the driver that those were pretty cows up there....he said "those aren't cows, they're deer!!" Okaye

Mark
 
"I don't live on the beach and that's not the question I asked. "

WOW. Do you handle all your business transactions that professionally?

The man was trying to make an analogy: If you live on a beach, it's your own d*mn fault if your house floods every time the wind blows. Don't expect us to insure it. If you live on a fault line with a history of earthquakes, it's your own d*mn fault if your house splits in two every time the ground shakes. Don't expect us to insure it.

Tornado insurance is the same way for people who live in "Tornado Alley."

Life insurance for old people...

Insurance companies will only insure things that probably won't happen.
 
Bought a house in the late 70's FHA said I needed flood insurance, I argued the point that I was at least 400 feet above any possible water source (rivers or creeks)They in turn wanted me to get aircraft damage as I lived on top of a hill.

My State Farm I have now must have not thought of the earthquake thing yet.. I feel it coming though.
 
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