Tag: California Earthquake Authority

California earthquake insurance discount program unveiled

H. Cutner
Earthquake Insurance

The state has revealed a plan in the attempt to broaden tremor coverage among its property owners. Many experts feel that the next big tremor is well overdue and yet the vast majority of homeowners in San Diego County do not have the necessary California earthquake insurance to protect them in case it should actually hit. It is estimated that 85 percent of homes in that region do not have the right coverage for a quake. This week, the state’s commissioner, Dave Jones, joined others in the industry in order…

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California at risk for major earthquake

S.Vagus
San Andreas Fault Line California earthquake insurance

Geologists meet in California to highlight earthquake concerns California is no stranger to earthquakes; indeed, thousands of seismic events of varying degrees happen every day in the state. Last week, concerns regarding a massive, nationwide earthquake were drummed up when more than 9 million people throughout the state participated in an earthquake drill. California insurers are well versed in the risks associated with earthquakes in the state. What has many insurers worried, however, are the risks associated with a nationwide catastrophe. The U.S. Geological Survey met with risk professionals in…

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More earthquake insurance options to be offered by CEA to state homeowners

Julie Campbell
Earthquake Insurance

Californians to have more choices to keep their properties and investments safe. The California Earthquake Authority (CEA) has announced that it will now be offering a new earthquake insurance product to residents of the state to provide them with a greater level of control over the premiums that they pay, and to give them the choice as to whether or not they would like their personal property covered. This coverage will be more accessible to homeowners by way of a new structure for deductibles. According to the CEO of the…

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Earthquake insurance authority in California receives international applause

H. Cutner
Insurance News

CEA’s innovative financial transactions earn honors for excellence. The approach used for financing earthquake insurance in the state has drawn international attention and an industry panel of experts have now given important recognition. The California Earthquake Authority has received the Sponsor of the Year award. This award is given to ongoing coverage linked securities issuance and the integration of new technology for risks in trading, or to a new entrant to the marketplace that has managed to effectively research its sector and sponsor a deal that is considered to be…

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California earthquake insurance could be shaky if Seismic Safety Commission loses its funding

Julie Campbell

California insurance market getting a shake down A 2010 ballot initiative could cause the Seismic Safety Commission in California to lose its funding before the end of 2012. The ballot initiative was designed to help to make it more difficult for government fees to be imposed on individuals and businesses. It also caused the California Legislative Analyst’s Office to decide that the proposed funding method by the governor to the Safety Commission is now unconstitutional. The analyst made the recommendation that there be a rejection by the Legislature of the…

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What consumers should know about buying earthquake insurance

Marc

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…

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Most 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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