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Earthquake Insurance should we pay extra for it?

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Snaefell



Joined: 07/06/2009
Posts: 266

Message Posted:
09/11/2009 17:20

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Message 1 of 23 in Discussion

It is time to renew our insurance. My husband is trying to decide whether to add earthquake cover. Do most people opt for this. We are in Tatlisu about half a mile from the north coast. Wondering if this is a likely area to be affected by earthquakes.



Pogle


Joined: 28/08/2008
Posts: 1536

Message Posted:
09/11/2009 17:43

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Message 2 of 23 in Discussion

We are in an earthquake zone, I would if I were you. Not sure what kind of property you have but we pay around 120 per year for a 3 bed apartment buildings and contents inc earthquake cover.



MrsSnakes



Joined: 19/12/2008
Posts: 1100

Message Posted:
09/11/2009 17:57

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Message 3 of 23 in Discussion

Pogle, who do you use for your Insurance please?



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
09/11/2009 18:05

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Message 4 of 23 in Discussion

Be careful about earthquake cover - there is frequently a 20% excess on this. If there was a bit of a quake and it only damaged your house, you would probably end up paying anyway.

Speak to Halil Atakan about insurance, he is excellent. Telephone: 0533-8650198



the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
09/11/2009 18:13

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Message 5 of 23 in Discussion

Hi snaefell,



As we are in an earthquake zone, surely it is a priority to be insured against this. Credit West do insurance or Steve Dickinson.





The butlers wife



Pogle


Joined: 28/08/2008
Posts: 1536

Message Posted:
09/11/2009 18:36

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Message 6 of 23 in Discussion

Mrs Snakes, our policy is with Gunes. If you want to see a copy of our policy to see what it covers email me and I will forward it to you. It is around 100 for a 2 bed apt and 90 for a 1 bed apt, inc earthquake. I think the prices are quite competitive. In my experience, if it might happen it will here! Friends of ours were dilly dallying about insuring their villa when unfortunately it caught fire.



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
09/11/2009 19:08

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Message 7 of 23 in Discussion

Waste of money, no TRNC insurance company will pay out no matter what the circumstances, it's not in their interest to do so!



Richard



Snaefell



Joined: 07/06/2009
Posts: 266

Message Posted:
09/11/2009 19:17

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Message 8 of 23 in Discussion

Thanks for all the replies, will pass on to my husband!!



Pogle


Joined: 28/08/2008
Posts: 1536

Message Posted:
09/11/2009 20:13

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Message 9 of 23 in Discussion

Richard

Ours have, on a number of occasions.



Jetski


Joined: 21/07/2008
Posts: 584

Message Posted:
09/11/2009 20:30

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Message 10 of 23 in Discussion

Although Cyprus is in the second most active earthquake zone on the planet, where we are in the North is relatively safe. Most of the recent (the last 1000 years) damaging quakes have been focussed in the South, particularly around Paphos and Limassol although the effect in the North has been limited. This is because of the placement of the subduction zone to the South of the island. You can see some evidence of 'fossil' earthquakes on the South side of the Kyrenia range above Kozankoy where there is a huge landslip, but this is thousands of years old. The South is now 7 years overdue (according to standard calculations) for a magnitude 5+ quake, which we'll surely feel up here but will have negligible structural impact North of the range (if any). As the Hitchhikers guide to the galaxy says....."Don't panic".



Sorry Steve but I'm a geologist, not a salesman!



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
09/11/2009 20:38

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Message 11 of 23 in Discussion

Jetski



Thought about the 'ring of fire' Indonesia, NZ, Los Angeles, San Francisco? What platonic plate are you on? Are you sure you are a geologist?! I doubt very much!



Richard



astonhilbilly


Joined: 05/05/2009
Posts: 162

Message Posted:
09/11/2009 21:09

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Message 12 of 23 in Discussion

We also recommend Halil, he is a good and honest man. We had Gunes for 3 years and Halil halved our premiums. He explained to us that the last earthquake in Cyprus was off the coast of Paphos in 1952. If we added the earthquake cover it would cost a further 20% or so and you still carry an excess.



cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
09/11/2009 22:25

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Message 13 of 23 in Discussion

We have taken cover. All it needs is for a boulder to detach above us!!!!!!!!!!!!!



Brinsley I think you are being quite insulting regarding the pattern of earthquakes. Indeed I hope you are saying tongue in cheek.



There are earthquakes on a regular basis around this end of the Med and in recent years the coast of Turkey was shaken on an almost daily basis about 4 years ago.



You do not have to go too far for active volcanoes - Santorini, Etna and Vesuvious for starters. So please do not be too arrogant over the potential for problems.



Pogle


Joined: 28/08/2008
Posts: 1536

Message Posted:
09/11/2009 22:35

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Message 14 of 23 in Discussion

Astonhilbilly

If Halil can reduce my premium to 60 for 35k/5k incl earthquake I will self combust up my seismic plane!Can I have his email address please? thx Mel



Jetski


Joined: 21/07/2008
Posts: 584

Message Posted:
09/11/2009 23:12

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Message 15 of 23 in Discussion

Brinsley - the 'ring of fire' is associated with the same tectonic system. And what on earth is a 'platonic plate'?...... you are clearly far better educated than me as I've certainly never heard of one in my 30 years in the job. I look forward to your no doubt sarcastic and smartar.e reply.



Jetski


Joined: 21/07/2008
Posts: 584

Message Posted:
09/11/2009 23:24

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Message 16 of 23 in Discussion

...and before Brinsley comments, I should say that the pacific rim system is completely separate from the system associated with the Arabian/African/Anatolian system that causes the problems at this end of the med. Happy to meet and discuss Richard, or you could always read some of my works.



Snaefell



Joined: 07/06/2009
Posts: 266

Message Posted:
09/11/2009 23:41

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Message 17 of 23 in Discussion

We have decided to renew the earthquake clause. Better safe than sorry. Although it is 107 extra than without it.



Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
10/11/2009 01:47

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Message 18 of 23 in Discussion

Jetski



Be happy to meet and discuss as this is one of my pet subjects of interest but I have to bow to your superior knowledge, and yes it was tongue & cheek! No insult meant.



Richard



nostradamus


Joined: 15/04/2008
Posts: 557

Message Posted:
10/11/2009 07:57

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Message 19 of 23 in Discussion

Pogle - just ring Halil. His company does have an e-mail address but, like most in TRNC, the chances of getting a reply are somewhat slim!



fatty123


Joined: 12/05/2009
Posts: 39

Message Posted:
10/11/2009 10:29

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Message 20 of 23 in Discussion

we cancelled i can see it now you would not see them for dust any sign of paying out money



smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
10/11/2009 10:32

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Message 21 of 23 in Discussion

I agree with Richard

No Insurance will pay out, if you believe that then go ahead but I think its money down the drain.



Snaefell



Joined: 07/06/2009
Posts: 266

Message Posted:
10/11/2009 13:51

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Message 22 of 23 in Discussion

We have a claim in for flood water damage already with the current insurers, it has been ongoing for a year and we have not been paid yet. This is only for a small amount of money, so we were wondering about the situation regarding claim payouts. Seems to be unlikely we will get anything.



simbas



Joined: 16/07/2007
Posts: 5943

Message Posted:
10/11/2009 13:57

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Message 23 of 23 in Discussion

We have a pretty comprehensive with Dagli Sigorta which includes earthquake , landslides ect ect our cost for a 4 bed detached with pool is 320 stg



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