Live Insurance News

Earthquake insurance legislation introduced in Oklahoma

March 4, 2016March 2, 2016 S.Vagus

New legislation may force insurers to honor claims associated with man-made quakes Earthquake insurance is becoming a major issue in Oklahoma. Lawmakers have introduced new legislation that would prevent insurers from denying claims for damage caused by man-made earthquakes. These disasters are becoming increasingly common due to hydraulic fracturing, also called “fracking.” This process is used to harvest natural gas from the earth and has been linked to seismic activity in the state. Lawmakers want to ensure that consumers are adequately protected from such disasters and that their insurance policies…

Oklahoma’s homeowners insurance sector becomes shrouded in controversy

January 22, 2016January 20, 2016 S.Vagus

Homeowners claim that insurers are refusing to cover damage caused by earthquakes Controversy has erupted in Oklahoma’s homeowners insurance sector, and earthquakes are part of the problem. Many homeowners have begun issuing complaints that their insurance providers are refusing to cover damage caused by earthquakes. Oklahoma has been rocked by quakes in recent months, with these disasters becoming somewhat more frequent over the past year. Notably, these quakes may be being caused by injection wells, which are used to extract natural gas from the earth. Even homeowners with earthquake insurance…

New earthquake insurance options being offered in California

January 8, 2016January 7, 2016 Marc

California Earthquake Authority launches new options to make earthquake insurance more available Homeowners in California will have more options when it comes to earthquake insurance in 2016. The California Earthquake Authority will be offering new options for consumers, allowing them to purchase more affordable insurance coverage that better suit their needs. This comes as a response to the fact that many homeowners lack earthquake insurance coverage, which can expose them to significant financial risks that they may not be able to handle on their own. Many consumers lack the earthquake…

Earthquake insurance is growing more costly in Japan

August 4, 2015July 31, 2015 Logan B.

Japanese insurers seek to raise premiums for earthquake insurance coverage Earthquake insurance premiums are set to rise in Japan due to fears regarding recent and past seismic events. Several companies that provide this type of coverage are looking to increase premiums by an average of 19%, citing the financial impact of the massive earthquake that struck Japan four years ago. The Fukushima earthquake of 2011 caused significant damage to property and triggered the worst nuclear disaster that the world has seen since Chernobyl. Premiums grew for the first time in…

Earthquake insurance is gaining more attention in Kansas

November 21, 2014November 18, 2014 S.Vagus

Recent quake leads to spike in interest for insurance coverage Demand for earthquake insurance is on the rise in Kansas. The state’s insurance agents are reporting that more people are becoming interested in coverage for natural disasters. Since a 4.8 magnitude earthquake struck the state last week, several insurance agencies have been receiving queries about the type of coverage they have to offer that can protect against such disasters. This new trend represents the most significant attention that earthquake insurance has received in the state in recent history. State is…

Lack of earthquake insurance could cause problems for the Bay Area

October 16, 2014October 14, 2014 Logan B.

San Andreas Fault Line California earthquake insurance

RMS report highlights dangers for the property insurance sector in the San Francisco region The San Francisco region may be struck by a powerful earthquake in the coming years, and the potential damage such a disaster could cause may not be covered by insurance. RMS, a risk management firm serving the insurance and reinsurance industries, has released a new report that highlights the impact that earthquakes may have on the insurance sector. In California, earthquake insurance is becoming increasingly rare, as consumers and businesses alike begin seeing this type of…

California is taking steps to promote earthquake insurance

September 26, 2014September 24, 2014 Nordstrom

Few homeowners in California have insurance protection against earthquakes Few people in California have earthquake insurance, and this is being considered a significant problem by the California Earthquake Authority and state lawmakers. The organization has begun working with Assemblyman Ken Cooley in order to address the issue. New legislation has been introduced, highlighting the lack of insurance coverage for the state’s homeowners. The legislation is expected to take effect in 2016 and requires insurers to provide homeowners with easily understood information regarding their insurance coverage and earthquake coverage. The number…