Quote:
Originally Posted by 6793026
might be a bit off topic, i was told to get insurance that's other side of the province / country. this way, if say BC had an earthquake, and everyone tries to claim, it woin't go bankrupt.
not sure if there are any truth to that but it does make sense.
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All these companies have giant underwriting that’s done from all over. There could be a gigantic bank or insurance company from the states that underwrites your policy, so it doesn’t REALLY matter where they are located..
I’m sure like most things, these underwriters have protection in terms of bankruptcy from the overarching company, so as soon as that insurance branch runs out of money, doesn’t really matter where they are located or how big they are.
Personally I am of the mind of the above comment in that if my home is damaged beyond repair by an earthquake, it’s not likely I’m ever getting paid out due to the scale of destruction that must have caused that scenario.
For me however, earthquake insurance almost doubles the cost of my policy so I feel like it’s not worth it.