Tag Archives: Earthquake

California Earthquake Policies Add Endorsements

While the rest of the country watches for hurricanes, Californians are wondering when the next large earthquake will occur. Unfortunately, there is very little time to prepare for an earthquake as there really are not sufficient warning signs that can allow homeowners and businesses to pack up or board up their breakable belongings. Although most … Continue Reading

As Earthquake Risk Rises, Policyholder Coverage Declines – Oklahoma Coverage Series

With a major earthquake recently hitting California, it seemed an appropriate time to revisit earthquake insurance coverage issues. A report indicates that earthquake risks are rising in the U.S., but fewer homeowners nationally say they have earthquake insurance. This creates a potentially huge gap in coverage, according to the Insurance Information Institute.1… Continue Reading

California Earthquake Damage Could Exceed $1 Billion

A state of emergency was declared in Southern Napa County on Sunday after the strongest earthquake to strike Northern California in 25 years hit in the early hours of the morning. Registering a 6.0 magnitude, it is the largest trembler in the area since the 6.9-magnitude Loma Prieta earthquake caused $6 billion of property damage … Continue Reading

New Survey Map Shows Increased Earthquake Risk For Nearly Half Of United States – Oklahoma Coverage Series

A new federal earthquake map shows an increased risk for about half of the United States. Although I’ve previously posted on the increased earthquake risk in Oklahoma, this newly released data made a reminder seem reasonable. On July 17, 2014, the U.S. Geologic Survey updated its national seismic hazard maps for the first time since … Continue Reading

Do I Need Earthquake Coverage…In Oklahoma?!? – Oklahoma Coverage Series

Perhaps a surprising thought at first blush, but Oklahoma residents have recently been advised to make sure Earthquake Coverage is included in their property damage insurance. The United States Geological Survey – the entity that tracks earthquakes and other seismic activity – released a statement indicating there are almost as many earthquakes rattling Oklahoma as … Continue Reading

Recent Earthquake “Swarms” bring Rising Concern over Insurance Coverage Deficit in Southern California

I blogged about earthquake “swarms” (multiple earthquakes clustered in the same region) that occurred in Southern California in September of 2012. Now, less than two years later, Southern California has been rocked by more swarms of a slightly greater magnitude. Approximately two weeks ago, on March 17, 2014 I was jolted awake around 6:30 am … Continue Reading

The Pros and Cons for Purchasing Earthquake Insurance

I am asked all the time for my opinion regarding the purchase of earthquake insurance. The lawyer in me always wants to hedge my answer because the decision whether to purchase earthquake insurance is a difficult one – a homeowner must choose between an expensive policy or having no coverage for a catastrophic event. Empirical … Continue Reading

What Does Your Earthquake Policy Actually Cover?

On June 5, 2012, I wrote about ready.gov and reminded Californians that the best way to be ready for an earthquake was to plan ahead. A typical homeowner’s insurance policy doesn’t cover a loss caused by an earthquake, so many homeowners have taken upon themselves to purchase another policy that provides earthquake insurance. In California, all … Continue Reading

Have you gone to Ready.gov lately?

There’s no doubt that the earth is moving. Monday morning, a 5.9 magnitude earthquake rocked Java, Indonesia. Last week, Southern Californians also received a fairly substantial reminder that we are in an earthquake hot zone. Although we are used to daily tremors that range up to the magnitude of 2.8, last week, the coast off … Continue Reading

New Zealand’s Quake Approaches its One Year Anniversary – Understanding Business Interruption Claims

February 22, 2012, will mark the one-year anniversary of the 6.3 magnitude earthquake that destroyed thousands of homes and businesses in Canterbury, New Zealand. The one-year anniversary mark is important because most business interruption policies have a 12-month period of coverage. New Zealand’s trade with Asia and Australia is three times larger (thus healthier) than … Continue Reading

Earthquake Insurance Coverage in California is not covered under the “All Risk” Policy

California is prone to natural disasters. Just this last Sunday, Southern California was pummeled with rainstorms that drenched the area with intense downpours throughout the day. In Los Angeles County, evidence of this is all over as the affluent neighborhood of Hancock Park found itself underwater in various residential pockets. Even boutique stores along the … Continue Reading

East Coast’s 5.8 Rumbler Reminds the West Coast that We are Overdue for Another Earthquake; Are We Prepared and Properly Insured?

The East Coast has been hit hard over the last week. Within the one week, Virginia was hit with a 5.8 magnitude quake and Hurricane Irene. Although the Virginia-based earthquake may seem small to those who reside on the West Coast, its mere occurrence should be a reminder to those living on the West Coast … Continue Reading

Is There Insurance Coverage for Nuclear Accidents?

Dr. Robert Hartwig and the Insurance Information Institute (III) do an excellent job providing timely information regarding insurance topics. A recent story on insurance coverage for nuclear accidents is an example. As a result of the current catastrophe in Japan, I have been asked by a number of individuals about property insurance coverage in the event of … Continue Reading

Don’t Fail to Prepare for the Coming Earthquake: What Insurance Agents, Adjusters and Policyholders Can Learn From the Haitian Earthquake Disaster

Imagine the same magnitude earthquake that pummeled Haiti striking greater Los Angeles, San Francisco, Portland or Seattle. Are enough people insured for this event? Are there enough skilled adjusters ready for the valuation issues specific to earthquake damage? While there is almost no private insurance in Haiti providing a financial buffer from its earthquake disaster, … Continue Reading