California Insurance Companies Warn About Earthquake Damage

Seems that Californians don’t fear earthquakes like they should. Only 10 percent of the state’s homes are insured for earthquakes, according to figures from California, via Realtor.com.

To remedy this, the California Earthquake Authority is launching an expensive ad campaign and cutting the cost of policies by 10 percent to increase sales.

Many residents saw their policies double in price, along with a higher deductible, after the 1994 Northridge earthquakes. That led to people dropping their coverage and hoping for government assistance in the case of a disaster.

Read more