Only 10 Percent Of California Homes Are Covered By Earthquake Insurance
The largest earthquake in more than two decades has Californians again grappling with the prospect of major damage from quakes. But a majority of homeowners lack earthquake insurance. More from Capital Public Radio's Nick Miller.
Glenn Pomeroy arrived in Ridgecrest less than 24 hours after two major quakes rattled the town last week.
The CEO of the California Earthquake Authority says twenty percent of Ridgecrest homeowners had earthquake insurance ... but:
We know that we’ve got a long way to go because most Californians are not financially protected for a shake. [0:05]
After the 1994 Northridge quake, insurance companies took big losses and many stopped offering quake coverage.
Lawmakers responded by creating the CEA .. which is not-for-profit, so Pomeroy says premiums are affordable and flexible.
“We will insure any home in California regardless of how close it sits to any fault line.” [0:05]
There's an earthquake insurance calculator on his group’s website if you don't have coverage ... and you probably don't: he says only 10 percent of California homes are covered.
In Sacramento, I’m Nick Miller
You can try the insurance calculator at EarthquakeAuthority.com.