Andy Bobyarchick discusses NC earthquake risk and insurance

Andy Bobyarchick, associate professor in the Department of Earth, Environmental and Geographical Sciences, was interviewed for the article “NC is seeing some earthquakes. Is it time for earthquake insurance?” featured in The Charlotte Observer and The Herald.

According to The Charlotte Observer, several shallow earthquakes were recorded near Randleman, North Carolina last week. Five minor quakes have occurred in the region since Easter, prompting North Carolinians to question whether they should consider earthquake insurance for their homes.

“It’s harder to make that decision than for flood insurance, because we have a pretty good idea of where the flood hazards are, and if your house is an older house built in a floodway, you have a greater chance of experiencing the flood. Earthquakes are different,” Bobyarchick said.

Recommendations

Bobyarchick recommends residents review the risk factor of their property using FEMA earthquake hazard maps and weigh the cost of available insurance policies. Because there is not a one size fits all solution, the United States Geological Survey recommends homeowners consider:

• Proximity to active earthquake faults 
• Frequency of earthquakes 
• Time since last earthquake 
• Type of building and foundation, layout and materials 
• The extent to which earthquake resistance was considered when your home was built 
• Local site conditions, such as the type and condition of soil, slope of the land and rainfall 
• Value of the building and its contents 
• Cost of the insurance 

“If I were to live closer to the Charleston area, I probably would consider it. Personally, here it’s almost a toss of a coin. It really depends on your view, on how secure you want to be, and the deductibles on those additions tend to be pretty high as well, so you’re looking at a fairly [large] increase in your insurance rates,” said Bobyarchick. 

Read the full story via The Charlotte Observer and The Herald.