Protect Your Home and Peace of Mind with Earthquake Insurance Ever wonder what would happen if a massive earthquake shook California tomorrow? Could any insurance company possibly cover the catastrophic damage? It’s a valid question. The good news? For nearly three decades, the California Earthquake Authority (CEA) has been preparing for exactly that. Established in 1996 after the devastating Northridge earthquake, the CEA is built to handle the unthinkable. It’s not some fly-by-night organization. For nearly 30 years, it’s been collecting premiums and building a financial safety net—with no significant…
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Interest in California earthquake insurance rises following Mexican tremors
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…
Read MoreCalifornia earthquake insurance ownership rises among state homeowners
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…
Read MoreCalifornia earthquake insurance in spotlight due to Northridge anniversary
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…
Read MoreThe cost of California earthquake insurance is lower than most think
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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