Frustrating cultural quirks of engineers: believing that insurance companies routinely capriciously deny claims for low-risk high-hazard policies like homeowner’s insurance. “They’ll never pay!” Their regulator has them report a loss ratio annually. It’s 80%+ of premiums.
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I trust that earthquake insurance will pay as described, but back of the envelope calculations suggest that as described isn't worth it, as they work from percentage of house destroyed, that you'd which means you get far less than would be needed for a fix.
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