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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Disaster recovery cost reduction efforts receive applause from California Earthquake Authority
U.S. Rep. John Campbell (R-48), from California, has received praise from the California Earthquake Authority, for his introduction of H.R. 3125, which was legislation to pair with S. 637, that was introduced by U.S. Sen. Dianne Feinstein, earlier in 2011. Together, the two bills will work to bolster the system for natural disaster recovery in the United States, by setting the Earthquake Insurance Affordability Act (EIAA) into effect. CEO Glen Pomeroy from the California Earthquake Authority, has announced his gratitude to Sen. Feinstein and Rep. Campbell for the bipartisan efforts…
Read MoreColorado continues to be rocked by aftershocks from last week’s quake, insurers highlighting the importance of protection
Last week, Colorado was rocked by a magnitude-5.3 earthquake that went largely unnoticed as it was a mere two hours before the now infamous Virginia earthquake. Both events triggered mild panic and dismay due to their rarity. While Virginia and its neighboring states have been rattled by a handful of weak aftershocks, Colorado has been shaken by a total of 13 so far. Insurance companies are taking this opportunity to promote earthquake coverage in the hopes of bolstering the meager number of such policies nationwide. Colorado’s quake was the largest…
Read MoreShould you have additional earthquake insurance?
The August 23, 2011 earthquake on the East Coast seems to have opened the eyes of the country to show them that California isn’t the only state that can experience a quake. This is making an increasing number of people wonder if earthquake insurance should be added to their coverage, even if they’re not living in a zone that they’d previously considered to be seismically active. Reports poured in from Georgia, Vermont, Massachusetts, New York, and other areas, saying that they also felt the tremors. Though there has not been…
Read MoreU.S natural disasters: How the insurance industry is faring and what consumers need to know about the future.
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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