Virginia earthquake raises questions regarding the importance of insurance coverage

A 5.8 magnitude earthquake struck the heart of Virginia Tuesday, sending ripples throughout much of the Eastern U.S. Tremors could be felt as far as 100 miles away from the quake’s epicenter in Mineral, Virginia. Residents of the East Coast, whom are unaccustomed to the ground beneath their feet shaking, flocked to Twitter and Facebook to document their experiences. Tremors reached New York City, causing mild panic among those that had never witnessed such an event. The quake took its toll in Virginia, but no inordinate amount of damage was…

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Earthquakes are a major concern for most Californians, yet few have insurance to protect themselves

Hurricane season is here, bringing with it an outbreak of troublesome storms that have become the norm. Insurers along the East and Gulf Coast have been wringing their hands in anticipation of a major hurricane that could cost millions in damages. Californians, however, are not troubled by such happenings. Instead, the worry that occupies their minds is the threat of major earthquakes. Their worry seems to be justified, according to a report from the Field Research Corp., a full-service consumer marketing research firm that works with insurance companies, as relatively…

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California fault line research reveals how far away earthquakes effect us

  A United States Geological Survey (USGS) team has been working with researchers from Georgia Institute of Technology (GIT) to study what effect a large quake has in triggering smaller, slow moving tremors, deep along the San Andreas Fault line. It is possible that a sizeable quake far away could trigger episodes deep in the San Andreas Fault line.   An earthquake is a vibration that travels through the earth’s crust. This is usually the result of movement in pieces of the earth’s surface, called tectonic plates. Other things can…

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New California earthquake bill promises lower rates and more coverage

After seeing earthquakes rip through Japan and New Zealand, California is now being eyeballed as many realize how under-insured residents truly are. A new bill backed by California senators, Barbara Boxer and Dianne Feinstein, is promising high insurance premiums to be cut by 30% and a reduction of large deductibles for homeowners – without having to come out of the tax-payers pocket. The bill proposes that the California Earthquake Authority, a state run non-profit insurance program, will be allowed to apply for what’s called a, “guaranteed federal loan” in the event…

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CEA campaign to bring awareness to California residents who don’t have earthquake insurance

An insurance agent marketing program was launched by the California Earthquake Authority with a goal of selling 15,000 policies by August 1 of this year. The Marketing Value Program or MVP is set to improve the relationships between the insuring agents and the CEA such that residents from California will participate in the said program. Since 2008, the earthquake that happened in Christchurch, New Zealand is considered as the most expensive global insurance wherein estimated losses that are insured range from $3 to $12 billion. The same earthquake magnitude is…

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