Insurance Information Institute California Earthquake
According to the insurance information institute people in 42 states are at risk of earthquake damage to their homes and personal property.
Insurance information institute california earthquake. High cost and limited coverage is the primary deterrent to. Despite this the western insurance information institute estimates only 25 28 of homeowners in earthquake prone areas have earthquake insurance. Earthquake coverage is available mostly from private insurance companies. Since 1960 we have been the trusted source of unique data driven insights on insurance to inform and empower consumers.
We serve consumers media and professionals seeking insurance information. The northeast at 9 percent. The potential damage to your home can be financially devastating. Most home insurance policies do not cover earthquake damage.
An earthquake can wreak havoc on your home. Eleven percent of homeowners responding to a november 2018 poll by the insurance information institute said they had earthquake insurance. Earthquake insurance what are the two most important things to know about earthquake insurance. Specific claims vary but consider the 2018 anchorage earthquake in alaska according to the insurance information institute this 7 0 magnitude quake.
Insurance information institute just 8. Earthquakes have occurred in. There are several key reasons that many people fail to obtain earthquake insurance to protect themselves and their property. Given the potential cost to repair shake damage the cost of a cea policy may be an easy expense to justify.
Even if you don t live in an area where earthquakes are common you may still need earthquake insurance. Homeowners in the west were most likely to have earthquake insurance with 17 percent saying they had the coverage followed by the midwest at 11 percent. And the south at 7 percent. Without earthquake insurance coverage in california you will be responsible for 100 percent of the cost to repair your home and replace your belongings after a damaging earthquake strikes.
Disasters preparedness what to do when a hurricane threatens. According to a july 2018 study by the california department of insurance about 13 of california residents purchased earthquake coverage in 2017. Who might need it. In california homeowners can also get coverage from the california earthquake.
If you have a mortgage on your property and you suffer a total loss you are still liable to pay your monthly mortgage payment.
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