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Earthquake Loss Assessments

Updated: Sep 4, 2020

12/01/14 – The Vaux is insured against many possible adverse fates, among them the ruination that might be caused by earthquake.

Oregon isn't California, with frequent tremors. Instead, our history has been pretty simple — a major quake every four or five hundred years centered off the Oregon coast, where the North American and Juan de Fuca plates collide. These quakes, when they happen, are huge. They cause havoc . . . and we're due . . . more or less.

Condo owners may find it wise to insure themselves against the potential calamity. American Family is contracted by the Vaux Owners Association to pay for condo-wide "building envelope" losses in an earthquake, but with a 15% deductible.

Supposing The Vaux sustained a big loss of $20 million or so; that would mean an assessment to owners, on average, of $21,000. Most insurance companies will not insure owners against this possible loss assessment. But some do. American Family is one of them. The cost is not unreasonable — worth checking out.

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