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California Earthquake Policies Up 7.4 Percent

More people in California are buying earthquake insurance.
California Earthquake Policies Up 7.4 Percent
August 8, 2017

More people in California are buying earthquake insurance. California Earthquake Authority insurance policies in force increased 7.4% over 18 months to 950,393. Last year’s net gain of more than 52,000 compared with a 10-year average of 7,200, the authority said in a statement.

“Californians are listening to what the scientific community is telling us—that we are overdue for a large earthquake, and we need to be ready when it strikes,” said CEA CEO Glenn Pomeroy. “More Californians are insuring their homes so they can recover financially following a large and damaging earthquake, which scientists say is not a matter of if, but when.” The authority late in 2015 launched an $11 million campaign aimed at attacking what Pomeroy called indifference to the earthquake problem in California.

CEA’s claim-paying capacity now exceeds $15 billion, more than enough to pay covered losses if a devastating earthquake—like the 1906 San Francisco, 1989 Loma Prieta or 1994 Northridge earthquake—were to reoccur in California today.

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