As Californians rocked by the recent quakes seek coverage, they’re finding sky-high premiums. Across California, consumers have been watching earthquake insurance rates increasing. The reason is that the latest premiums calculations include forecasts of how large future quakes will be and where the worst ones will strike. This is terrible news for many people who were looking to renew or purchase policies. Current predictions suggest that about 250,000 current policyholders will experience increased earthquake insurance rates. Many of the property owners in Southern California may see their premiums increase by…
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Oklahoma earthquake insurance under investigation by state commissioner
Proactive steps are currently being taken in order to discover whether or not rates are where they should be. State Commissioner John Doak has now announced that he is conducting an investigation into Oklahoma earthquake insurance as a part of a larger effort to make sure that the rates that are being paid by residents of the state are not higher than they should be. This announcement was made at a public hearing at which he heard new details with regards to insurance rate fluctuations. This new information helped the…
Read MoreWhat consumers should know about buying earthquake insurance
The number of earthquakes in states that are not known for tremors – such as the recent 5.6 point quake in Oklahoma and the earthquakes in Colorado and Virginia this summer – have underlined the fact that flooding, severe weather, and fires are not the only types of natural disaster that can cause damage to a home, no matter where you live. Though California is the state that is at the highest risk of earthquakes, and it is also long overdue for another major tremor, states that consider quakes to…
Read MoreOklahoma quake changes the way people think about insurance
Following the earthquake in Oklahoma many people have opened their eyes to the type of coverage that they do – and do not – have for their homes and belongings. What they’re discovering, far more often than not, is that their insurance coverage does not extend to the type of damage that would result from a quake. Typical renters’, homeowners’ and commercial insurance will not offer protection for a structure or the possessions it contains, should they be damaged in an earthquake. The residents of Oklahoma are asking questions about…
Read MoreMost California homeowners lack earthquake coverage
Data from the Insurance Information Network of California has shown that less than 12 percent of homeowners within the state were protected by earthquake insurance in 2010, and that less than 10 percent of businesses had this protection. According to the California Earthquake Authority’s CEO, Glenn Pomeroy, the standard insurance coverage for homes and businesses will not provide protection against the damage resulting from a tremor. This organization is nonprofit and works to offer homeowners in California affordable earthquake insurance products. Pomeroy also stated that among homeowners without any form…
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