As Hurricane Irene barrels down on the East Coast, Chris Hackett, Director of Personal Lines Policies for The Property Casualty Insurers Association of America (PCI), has quite a few things to say concerning insurance and how people will be affected by the storm. We were able to ask Mr. Hackett about current, past and even future potential natural disaster events that we all should prepare for. Here is what he had to say: Live Insurance News – With hurricane Irene beating down on the Carolinas, and maybe even New York,…
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Earthquake authority proposes new law to make insurance coverage more affordable
The East Coast was rattled by an unexpected and rare earthquake this week. The seismic event sowed worry amongst a populace that has never experience such a thing before. The manner in which residents of the East Coast reacted to the quake drew criticisms from Californians, most of whom are accustomed to such events. Despite earthquakes being common in the state, the California Earthquake Authority is taking this opportunity to spread awareness of earthquake insurance. Given the frequency of earthquakes on the West Coast, one would think that earthquake insurance…
Read MoreEarthquakes 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…
Read MoreCalifornia 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…
Read MoreNew 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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