Earthquake insurance rates head sky-high in parts of California

Earthquake insurance rates - Graph

As Californians rocked by the recent quakes seek coverage, they’re finding sky-high premiums. Across California, consumers have been watching earthquake insurance rates increasing. The reason is that the latest premiums calculations include forecasts of how large future quakes will be and where the worst ones will strike. This is terrible news for many people who were looking to renew or purchase policies. Current predictions suggest that about 250,000 current policyholders will experience increased earthquake insurance rates. Many of the property owners in Southern California may see their premiums increase by…

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What does California earthquake insurance coverage provide following a disaster

California earthquake insurance coverage - House after earthquake

Following the tremors last Thursday and Friday, many residents are looking into the protection available. The importance of California earthquake insurance coverage was placed in the spotlight last Thursday and Friday. The 6.4 magnitude quake was the strongest to rock Southern California in two decades and was followed by a 7.1 magnitude quake the next day. The tremors shook homes and other buildings across hundreds of miles in the state. Independence Day came with a number of different catastrophe risks, particularly with the number of tornadoes that have been cutting…

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Japanese earthquake insurance has become a popular gift item

Japanese Earthquake Insurance - Earthquake damage

An insurance company in Japan has designed a mobile service letting people gift coverage to each other. Japanese earthquake insurance has become the latest type of digital gift people are giving people with their mobile devices. Messaging apps have been a great way for people to give each other virtual gifts for some time now. An insurance company in Japan has spotted the potential from that trend and has turned their coverage into a virtual gift. This new option is a collaboration between a Japanese insurance company and a messaging…

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Steadfast Insurance files lawsuit against oil and gas companies for causing earthquakes

Steadfast Insurance - Oil and Gas Drilling Rig

The insurer is suing seven oil and gas companies in order to achieve subrogation for quake damage. Steadfast Insurance Company is suing seven oil and gas companies, seeking subrogation in an effort to recover the almost $400,000 it has paid out in policyholder claims. The lawsuit is over the wastewater injections that occurred near Pawnee. The complaint is not entirely unique, as four other pending lawsuits of a similar nature have been filed. On September 3, 2016, the Pawnee Nation’s government buildings were damaged by a magnitude 5.8 earthquake. Since…

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Earthquake Insurance Affordability Act may become higher priority

A couple of California Senators have issued a letter calling for a hearing on the law following the recent quake. In response to the quake that shook the Napa Valley near the end of last month, which has recently caused President Obama to declare the situation to be a major disaster, two senators are now calling for a hearing that will focus on the Earthquake Insurance Affordability Act. The two senators that issued the news release are Dianne Feinstein (D-CA) and Senator Barbara Boxer (D-CA). The two senators are hoping…

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Earthquake insurance reminders come in many forms

California Earthquake Insurance

From the 50th anniversary of the Great Alaskan Earthquake to the tremor in Southern California, risks remain present. Another tremor has rocked Southern California, this one on Friday, just in time for the fiftieth anniversary of the quake that occurred in Alaska and to remind business owners and homeowners of the importance of earthquake insurance. This is the second quake to strike California in as many weeks and it sends a message to property owners. Earthquake insurance is not included in the standard homeowners or business policy and should be…

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Earthquake insurance recommendations made following recent activity

Oklahoma Earthquake Insurance

The tremors that have been occurring in Oklahoma have caused officials to discuss coverage. There have been a number of homeowners across Oklahoma that have been taken completely off guard when their homes were rocked by tremors, and they are now starting to look into earthquake insurance, particularly as state and industry officials have started to talk about the coverage. There are a number of different things that should be taken into account when shopping for these policies. Experts in and representatives of the earthquake insurance industry have been speaking…

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