New Earthquake Insurance Policies and Rates in Effect as of January 1

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Image from earthquakeauthority.com

We may be worried about El Niño rains this week, but fears about major earthquakes are never far behind.

cea_logoSome good news on that front is that changes in California’s earthquake policies and rates (for policies provided by the California Earthquake Authority (CEA), the non-profit organization that writes 75% of the residential earthquake insurance policies in California) went into effect on January 1, 2016, bringing lower rates for many policies, increased coverage amounts and more deductible options.

There’s also a new CEA online premium calculator, accessible on any smart phone, tablet or desktop.

According to the the CEA, the U.S. Geological Survey says the likelihood of a 6.7 magnitude or larger earthquake in California (the same magnitude as the 1994 Northridge earthquake) is more than 99% likely in the next 30 years, which is the duration of a typical home mortgage. Still, fewer than 10% of California homes are covered by earthquake insurance. (By the way, earthquake insurance isn’t just for homeowners these days — renters can also get earthquake policies, to help recover losses of possessions and living space in the event of a major quake.)

So it might be a good idea to make it a New Year’s resolution to check your coverage.  For details and more information see EarthquakeAuthority.com. (The website also has great resources for earthquake preparedness, seismic retrofitting, fault maps, risks, and other earthquake-related topics.)

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About Elizabeth Fuller

Elizabeth Fuller was born and raised in Minneapolis, MN but has lived in LA since 1991 - first in the Sycamore Square neighborhood, and since 2012 in West Adams Heights/Sugar Hill. She was long-time board member of the Sycamore Square Neighborhood Association, currently serves on the board of the West Adams Heights/Sugar Hill Neighborhood Association, spent 10 years with the Greater Wilshire Neighborhood Council, volunteers at Wilshire Crest Elementary School, and is the co-owner/publisher of the Buzz.

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