Yes. The FEMA report took into account what was most likely. Apparently, they think the Big One is more likely to hit SF than LA.

The BIG one will be the Cascadia subduction zone quake centred just NW of Washington state. Forecast to be 9.75 on the richter scale, affecting Vancouver, Seattle and Portland, and it is supposed to be the most expensive natural disaster in history. Last I heard, they figured there would be a 10% chance of it happening this century.