Lack of earthquake insurance could cause problems for the Bay Area

San Andreas Fault Line California earthquake insurance

RMS report highlights dangers for the property insurance sector in the San Francisco region The San Francisco region may be struck by a powerful earthquake in the coming years, and the potential damage such a disaster could cause may not be covered by insurance. RMS, a risk management firm serving the insurance and reinsurance industries, has released a new report that highlights the impact that earthquakes may have on the insurance sector. In California, earthquake insurance is becoming increasingly rare, as consumers and businesses alike begin seeing this type of…

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California is taking steps to promote earthquake insurance

oklahoma earthquake insurance industry

Few homeowners in California have insurance protection against earthquakes Few people in California have earthquake insurance, and this is being considered a significant problem by the California Earthquake Authority and state lawmakers. The organization has begun working with Assemblyman Ken Cooley in order to address the issue. New legislation has been introduced, highlighting the lack of insurance coverage for the state’s homeowners. The legislation is expected to take effect in 2016 and requires insurers to provide homeowners with easily understood information regarding their insurance coverage and earthquake coverage. The number…

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Earthquake insurance sales continue their growth in Oklahoma

fracking oklahoma earthquake insurance

As the state continues to experience one quake after the next, experts are cautioning residents to be ready for more. May was a month that brought a rash of quakes to Oklahoma (which many are blaming on the hydraulic fracturing, “fracking” being conducted in the state), and this has caused homeowners to purchase earthquake insurance, as experts warn that more tremors are likely on their way. This recent trend has been causing this sector of this insurance industry to experience rapid growth. As a person’s home is likely the largest…

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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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Homeowners in California are lacking earthquake insurance

California Earthquake Authority - earthquake insurance

Recent quakes in California highlight the lack of appropriate coverage A recent spate of earthquakes in California has many homeowners worried about whether or not their properties are covered against the damaged caused by these natural disasters. On Friday last week, a 5.1 earthquake struck Southern California. The quake caused modest damage, but homeowners affected by the event are finding that they have to pay for these damages themselves as they lack the appropriate insurance coverage. The vast majority of homeowners insurance policies do not offer protection against earthquakes, but…

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