Earthquake Insurance Affordability Act may become higher priority

earthquake

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 losses from Napa Valley could break the $1 billion mark

San Andreas Fault Line California earthquake insurance

The stunning wine region of California was, however, saved from extreme levels of damage from the quake. The quake that shook California’s prestigious Napa Valley region at a magnitude of 6.0, just over a week ago, is now estimated to have caused damages covered by earthquake insurance that could reach up to $1 billion. The damage in the region was centered in the actual Napa city, which essentially spared the nearby wineries. In fact, the majority of the wineries and vineyards were able to continue to operate as usual despite…

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Earthquake insurance is too expensive to be worth the risk in California

oklahoma earthquake insurance industry

For many people in the state, the premiums are higher than the perception of the threat. Just over a week ago, the Napa Valley of California was shaken by a 6.0 magnitude tremor that led to surprising amounts of damage, particularly in terms of broken bottles of alcohol, but at the same time, on the whole, homeowners and business owners still feel that earthquake insurance is too expensive to be worthwhile. Even some of the companies most affected were not convinced that insurance coverage would be worth the price. Despite…

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Earthquake insurance policies held by as few as 6% in Napa, California

sink hole earthquake insurance

Despite the risk that is present in that part of the country, very few homes and businesses are covered. Even though Californians live in a state that is known to be located on active fault lines, the vast majority of residents and business owners still are not buying earthquake insurance. This fact came into the spotlight as a quake shook the Napa Valley region over the weekend. Northern California was shaken by a 6.1 magnitude tremor early on Sunday, taking people in populated areas quite off guard. Fires started, buildings…

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