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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Earthquake insurance may soon be more important than many Californians realize

sink hole earthquake insurance

A new scientific report has shown that the state will nearly definitely be hit by a massive quake inside three decades. The results of a new U.S. Geological Survey are now showing that earthquake insurance could become one of the most important investments that the residents of California can purchase in order to protect themselves. The scientific report has shown that before 30 years have passed, the state will see a mega-quake almost definitely. The industry has been warning about the importance of earthquake insurance, particularly areas along the San…

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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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Earthquake insurance takes off in fracking areas of Oklahoma

fracking oklahoma earthquake insurance

American scientists have now released a warning that the state could experience a major quake. Scientists in the United States have issued a warning to the businesses and residents of Oklahoma that indicates that they could experience a major quake, and this has caused a spike in the purchasing of earthquake insurance policies. This is an unwelcome added expense for those that are already paying high premiums for tornado protection. Although ground tremors have never been much of a problem in Oklahoma, they do occur on occasion. During the last…

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Earthquakes send ripples through homeowners insurance industry in Oklahoma

Oklahoma Homeowners Insurance

Small quakes cause some concern in the homeowners insurance space A recent outbreak of earthquakes in Oklahoma has caused some waves in the homeowners insurance sector. Over the past month, several small earthquakes have been reported throughout the state. In many cases, these quakes are not large enough to cause any significant damage, often only knocking pictures or books from shelves. According to the U.S. Geological Survey, these quakes range in magnitude from 2.8 to 4.3, barely enough to be felt by anyone, but enough to cause some concern. Frequency…

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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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Insurance industry may be confronted with rising sea levels

Global Mean Seal Level Change - Wikipedia

Report shows sea levels rising in the east coast The U.S. Geological Survey (USGS) has published a new report that documents the rate at which the sea level along the Atlantic Coast is rising. The report shows that the sea level in this region is rising three-to-four times faster than it is in other parts of the world. The report suggests that climate change could be playing a factor, as warming temperatures are having an effect in the far north. What higher sea levels could mean for the U.S. insurance…

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