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> Earthquakes big enough to damage houses are very rare

The 20th Century was "abnormally stable" in SF, and they've got a long history of fairly regular ones. http://www.mercurynews.com/science/ci_25793975/quake-cluster...

> and much of the value of the property is in the land, not the structure

In a normal "selling my house" situation, sure. In a "good portion of the city got leveled" situation, not necessarily.



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