Earthquake

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If you own a condo in California, it’s a safe bet you are not covered against damage caused by an earthquake (“EQ”). EQ damage is typically an excluded peril under HO-6 and similar condo policies. EQ coverage is required to be offered, but only about 15% of condo owners choose to pay an additional premium to cover this peril despite reports1 that within the next 30 years, there is (1) over a 99% chance that one or more M6.7 or greater EQs will strike somewhere in California; (2) a 75% chance one or more M7.0 or greater EQs will strike Southern California; and (3) a 76% chance one or more M7.0 or greater EQs will strike Northern California.
Continue Reading Make Sure Your California Condominium Is Covered Against Earthquake Damage

In a press release Monday, Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready announced Farmers Insurance agreed to pay Oklahoma policyholders $25 Million they denied or improperly failed to pay policyholders out of coverage for earthquake damage.1…
Continue Reading Hot off the Press: Farmers to Pay Oklahoma Policyholders $25 Million for Earthquake Claims

Holidays will be different for all this year, but for many in Puerto Rico it will also be a reminder of the beginning of a series of earthquakes that shook Puerto Rico from December 28, 2019, to mid-February 2020. There are still many people that have been unable to return to their homes or place of work due to the structural damages caused by these earthquakes. And many inspections and repairs were paused due to the COVID-19 Pandemic lockdowns.
Continue Reading Puerto Rico Earthquake Claims

In the last two weeks, Puerto Rico has experienced earthquakes that have caused significant damage to homes and buildings, especially in the southwest area of the island closest to the earthquake epicenters. Many of these properties have collapsed and others are under dangerous conditions. The government has asked the people to abandon homes that are not safe, and the Governor declared a State of Emergency due to the seismic activity continues in Puerto Rico.
Continue Reading Can My Insurance Company Deny Coverage If I Vacate My House After an Earthquake?

Puerto Rico Hurricane Maria claims are not close to being finished. Now, we have major earthquakes impacting Puerto Rico. The worst example of poor treatment to policyholders following a hurricane catastrophe is found in Puerto Rico. It is sad and now numerous earthquakes are causing more damage and loss.
Continue Reading Puerto Rico Earthquakes—Could Anything Happen At a Worse Time For Puerto Rico? What Should Those Suffering From Earthquake Damage in Puerto Rico Do?

This weekend, I was binging on the Netflix show “The Defenders.” In one of the first episodes, an earthquake hits New York City and a character comments: “Not a lot of people have earthquake insurance up here.” This got me thinking about endorsements to policies, and how likely is it that an earthquake large enough to cause property damage will hit the tri-state area?
Continue Reading Earthquake Insurance in Areas Where Earthquakes Are Not Common

In past years, I’ve closely followed the earthquake activity in California. I’ve blogged about “swarming,” which are clusters of earthquakes within a small period of time that geologists indicate maybe a precursor to a larger earthquake or a way for the tectonic plates to release pressure.…

Continue Reading Sale of Earthquake Policies in California go up in time for newest wave of “Swarming” and Earthquake Advisory

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 California homeowners do not have earthquake insurance, for those who do, they will find that a few significant changes in the California Earthquake Authority (CEA) policy may require closer scrutiny of their policies to suit their needs. When purchasing an insurance policy, home and business owners should be vigilant to ask their broker or agent what changes are being made to their policy and what options are available to add coverage.…

Continue Reading California Earthquake Policies Add Endorsements

In 2014, Oklahoma experienced 567 earthquakes measuring a magnitude of 3.0 or greater and 209 in 2013. This is a rapid increase in quakes for Oklahoma and while some homeowners have responded by making sure they had coverage in their home and business policies, more building owners need to make sure this coverage is purchased since the claims for earthquake damages are now more prevalent in the Sooner state. A typical Oklahoma homeowner will likely pay $100 to $150 per year for earthquake coverage. Earthquake policies usually cover structure repairs, damage to personal property, and debris removal.1…

Continue Reading Insurance Commissioner Says Earthquake Claims Should Be Paid

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