Earthquakes and Buying a Home
I am always a little surprised how people that haven´t lived in San Diego worry about earthquakes. In my mind, I think other things are riskier - like hurricanes, tsunamis, tornadoes, hypothermia, dying of a heart attack while shoveling the driveway, or dying in our sleep from the carbon monoxide emitted by a faulty room heater.
Yes, there is a real risk. But the real question is, "How big is that risk actually?"
One great resource I would ecommend for those who really need all the facts, is a book called, "The Big One." It´s a well-researched book that will fill you in on why earthquakes happen, what to expect, and when and where the next big ones are expected to happen. The nice thing about the book, is that San Diego doesn´t appear on any of their disaster reports!
One important question to have answered before you buy, is if your home is on a known fault line. During the escrow process, typically the seller is asked to pay for a Hazardous Zone Report. That report will give you information about the known risks that exist on that piece of property. If you find out something you didn´t know, you can withdraw your offer.
Before you go that far, you might feel better if you take a look at the epicenters of historic earthquakes and become familiar with where the major faults exist. Yes, San Diego does have the San Adreas fault, but do you notice many epicenters are close to us?
Earthquake damage and loss can be limited by steps you take before an earthquake occurs. And many home, apartment, and condo owners in the Bay Area in Northern California are doing things to their property to retrofit it to current building standards and minimize loss. Even if we aren't at the same risk level of the Bay Area, we can learn from the structural changes they are making to their homes and properties.
Another question comes up about insurance. If you buy, will you insure your home against earthquake loss? Earthquake coverage can add a considerable amount to your homeowner's insurance premium, depending on your loaction, the size and type of your house, and other factors.
Personally, I am not covered for earthquakes. But I don't live on the San Adreas fault and I own a ranch-style home. I'm not heavily concerned about the risk. However, if you want to know more about earthquake insurance click on Earthquake Authority, or talk to your insurance agent. If you need help to find someone, email me for referrals.
And my last tip, if you still want more information, take a look at Putting Down Roots in Earthquake Country!
NEW ! The California Seismic Safety Commission recently released a newly revised 52-page Homeowner's Guide to Earthquake Safety to replace the 2002 edition starting July 1, 2005. The Homeowner's Guide to Earthquake Safety is a required disclosure for most sellers of residential one-to-four unit buildings of light frame construction built before 1960.
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