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Thread: Why most California homeowners don't have earthquake insurance, from Marketwatch

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    Senior Member Level 1 marindependent's Avatar
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    Default Why most California homeowners don't have earthquake insurance, from Marketwatch

    Why most California homeowners don't have earthquake insurance
    Because of high premiums and deductibles, only 10% in the Bay Area have quake coverage

    "On Oct. 17, 1989, Arthur Reyes was in his dorm room at Stevenson College, on the picturesque hilltop campus of the University of California at Santa Cruz, when his bed started to shake violently.

    I looked across my dorm room to see books flying off the shelf, the door swung open and the light fixture fell from the ceiling, he recalled.

    It was 5:04 p.m. From its epicenter just 10 miles north of Reyes, near the Loma Prieta Peak, the 7.1 magnitude quake roared along a 22-mile stretch of the San Andreas fault through the Bay Area, collapsing a portion of the Bay Bridge and the Cypress Freeway in Oakland, and crushing homes in the Marina District in San Francisco and the Pacific Garden Mall in Santa Cruz.

    When it was over, 63 people were dead, more than 11,000 homes destroyed and $6 billion in damage done.

    Read the rest of the article here
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  2. Scott W Johnson
    Whole Vs Term Life Insurance
    415-294-5454 CA LIC 0K10734

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    I live in an area that is part of the New Madrid Fault. We have earth quake coverage but is less than $300 per year for this area.
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    Senior Member Level 1 marindependent's Avatar
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    That is a great price. Earthquake insurance is certainly more expensive here in California, however, it really is necessary. It is surprising to me, how many people do not know that EQs are excluded from home insurance policies.
    Scott W Johnson
    Whole Vs Term Life Insurance
    415-294-5454 CA LIC 0K10734

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