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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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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