With some unexpected earthquakes striking the U.S. late last year, some state officials are beginning to take earthquake insurance more seriously. In Shawnee County, Kansas, officials are looking into the benefits of insurance coverage after the county was shaken by several aftershocks stemming from the November earthquake in Oklahoma. Another quake in Topeka, Kansas, furthered concerns as damage was done to some homes and vehicles. County officials have tasked the county’s insurance broker to find affordable coverage that could mitigate further disasters.
Recent earthquakes have caused the price of property insurance to jump, putting more financial strain on homeowners. Appropriate insurance coverage could help mitigate further rate increases from similar disaster. The county’s insurance broker, Willis of Greater Kansas, has requested quotes from 28 of the state’s insurers. Thus far, only seven have responded. The county is planning to consolidate its auto and property insurance, hoping to save $22,000 annually, more than enough to afford new earthquake insurance policies.
County officials are hoping to find decent coverage within the month, before any more earthquakes rock the state. Kansas is not known for its multitude of seismic events. Indeed, earthquakes are fairly common in the state, but the state’s Insurance Commissioner, Sandy Praeger, notes the importance of earthquake insurance and how it could help save the state from costly disasters.
