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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Oklahoma quake changes the way people think about insurance
Following the earthquake in Oklahoma many people have opened their eyes to the type of coverage that they do – and do not – have for their homes and belongings. What they’re discovering, far more often than not, is that their insurance coverage does not extend to the type of damage that would result from a quake. Typical renters’, homeowners’ and commercial insurance will not offer protection for a structure or the possessions it contains, should they be damaged in an earthquake. The residents of Oklahoma are asking questions about…
Read MoreWells Fargo launches new insurance program targeting low-income families
Wells Fargo has partnered with the National Affordable Housing Management Association to launch a new line of insurance that seeks to meet the needs of those looking for affordable housing options. The Multifamily Affordable Housing Insurance Program aims to placate the risks associated with certain development projects that can keep families from finding appropriate housing. The program is comprised of a number of insurance providers, Wells Fargo included, to help mitigate these risks. The program will make use of a federal subsidy, which will be applied to low-income families to…
Read MoreOklahoma quake highlights the importance of earthquake insurance
Residents of Oklahoma were surprised Saturday when the state was rocked by a 5.6-magnitude earthquake. The quake caused a significant amount of damage in the state, which is still recovering from a spat of devastating tornados that tore through Oklahoma in August. State insurers have yet to release estimates regarding the cost of damages, but it is clear that the quake caused some damage to homes and businesses in Northern Oklahoma. The quake has been called a once-in-a-century event, though another 5.8 quake struck the state in August of this…
Read MoreMagnitude 5.6 Earthquake, Largest Ever in State’s History, Strikes Oklahoma: AIR
BOSTON, Nov. 7, 2011 – According to catastrophe modeling firm AIR Worldwide, on Saturday evening at 10:53 pm local time, Oklahoma experienced the strongest earthquake ever recorded in the state. With a magnitude of 5.6 and a focal depth of just three miles below the surface, the earthquake was centered about 44 miles east of Oklahoma City, the state’s capital and largest city (population 580,000 in 2010). A foreshock of M4.7 had struck 21 hours earlier. Together with numerous aftershocks, residents of Oklahoma were subjected to nearly two dozen earthquakes…
Read MoreMost 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…
Read MoreReport calls for more action from consumers to help mitigate the costs of natural disasters
This year has been host to a large number of natural disasters that have born a heavy price tag to the insurance industry. While natural disasters may not be happening more frequently, they are certainly happening in areas of dense population, making the damage they cause astronomical. Consumers often look to the insurance industry to provide protections against natural disasters, but the industry can only do so much. A new report from the University of Pennsylvania’s Wharton School suggests that government policy, as well as consumer initiative, may significantly reduce…
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