California earthquake insurance sales skyrocketed last year

Los Angeles California Earthquake Insurance

Californians have been warned for many years, but 2017 seemed to be the year to take action. Scientists have been cautioning homeowners to buy California earthquake insurance for decades. They have been warning that there is a major tremor overdue in the state. However, many Californians have balked at the thought of buying, afraid premiums would be too high. California earthquake insurance, despite the threat of a serious potential quake, has been a very tough sell for insurers and agents. Only about 10 percent of households in the state had…

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Interest in California earthquake insurance rises following Mexican tremors

Los Angeles California Earthquake Insurance

The devastation in Mexico City, among other parts of the country, was eye opening to many Californians. California earthquake insurance still isn’t all that popular, but the Mexican quakes have generated a marked increase in interest. Only the minority of people in the state carry earthquake insurance policies due to the high premiums. The last major tremor that affected Los Angeles was 23 years ago. At that time, a 6.7 magnitude quake struck Northridge, killing 57 people, injuring hundreds and causing an estimated $44 billion in property damage. Since that…

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California earthquake insurance ownership rises among state homeowners

San Andreas Fault Line California earthquake insurance

Last year, authorities launched a campaign to inform consumers and encourage them to cover themselves. A record number of homeowners have purchased California earthquake insurance following a significant effort to encourage consumers to buy coverage. In 2016, the California Earthquake Authority (CEA) rolled out a number of new policy options and other offerings to boost the accessibility of coverage. The CEA is the leading American insurance policy provider for residential earthquake coverage. Last year the CEA rolled out several new California earthquake insurance policy types and deductible options. Moreover, it…

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California earthquake insurance in spotlight due to Northridge anniversary

Los Angeles California Earthquake Insurance

January 17 was the 23rd anniversary of the 6.7 magnitude quake that shook LA’s San Fernando Valley. California earthquake insurance is receiving attention once again as the anniversary of the Northridge quake took place on Tuesday. The California Earthquake Authority (CEA) released a notice to remind state residents that only 23 years ago, a 6.7 magnitude tremor caused massive damage to homes, workplaces, roads and freeways. On January 17, 1994, the San Fernando Valley region of L.A. was the center of millions of dollars in damage. If a similar quake…

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The cost of California earthquake insurance is lower than most think

San Andreas Fault Line California earthquake insurance

The hope is to make the coverage more affordable so a larger number of homeowners will buy it. The leading barrier to the purchase of California earthquake insurance is its cost. It is an expensive form of additional coverage. Many homeowners feel it is simply out of their financial reach. CEO Glenn Pomeroy of the California Earthquake Authority says homeowners feel the premiums are too high. That said, Pomeroy also spoke to real estate agents in Santa Rosa this week and explained that his organization has new options. Homeowners frequently…

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New earthquake insurance options being offered in California

oklahoma earthquake insurance industry

California Earthquake Authority launches new options to make earthquake insurance more available Homeowners in California will have more options when it comes to earthquake insurance in 2016. The California Earthquake Authority will be offering new options for consumers, allowing them to purchase more affordable insurance coverage that better suit their needs. This comes as a response to the fact that many homeowners lack earthquake insurance coverage, which can expose them to significant financial risks that they may not be able to handle on their own. Many consumers lack the earthquake…

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California is taking steps to promote earthquake insurance

oklahoma earthquake insurance industry

Few homeowners in California have insurance protection against earthquakes Few people in California have earthquake insurance, and this is being considered a significant problem by the California Earthquake Authority and state lawmakers. The organization has begun working with Assemblyman Ken Cooley in order to address the issue. New legislation has been introduced, highlighting the lack of insurance coverage for the state’s homeowners. The legislation is expected to take effect in 2016 and requires insurers to provide homeowners with easily understood information regarding their insurance coverage and earthquake coverage. The number…

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Homeowners in California are lacking earthquake insurance

California Earthquake Authority - earthquake insurance

Recent quakes in California highlight the lack of appropriate coverage A recent spate of earthquakes in California has many homeowners worried about whether or not their properties are covered against the damaged caused by these natural disasters. On Friday last week, a 5.1 earthquake struck Southern California. The quake caused modest damage, but homeowners affected by the event are finding that they have to pay for these damages themselves as they lack the appropriate insurance coverage. The vast majority of homeowners insurance policies do not offer protection against earthquakes, but…

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California earthquake insurance discount program unveiled

Earthquake Insurance

The state has revealed a plan in the attempt to broaden tremor coverage among its property owners. Many experts feel that the next big tremor is well overdue and yet the vast majority of homeowners in San Diego County do not have the necessary California earthquake insurance to protect them in case it should actually hit. It is estimated that 85 percent of homes in that region do not have the right coverage for a quake. This week, the state’s commissioner, Dave Jones, joined others in the industry in order…

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California at risk for major earthquake

San Andreas Fault Line California earthquake insurance

Geologists meet in California to highlight earthquake concerns California is no stranger to earthquakes; indeed, thousands of seismic events of varying degrees happen every day in the state. Last week, concerns regarding a massive, nationwide earthquake were drummed up when more than 9 million people throughout the state participated in an earthquake drill. California insurers are well versed in the risks associated with earthquakes in the state. What has many insurers worried, however, are the risks associated with a nationwide catastrophe. The U.S. Geological Survey met with risk professionals in…

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