WHY IS EARTHQUAKE INSURANCE IMPORTANT?
Jun 2 , 2015
Some financial planners suggest the latter. They say that the majority of California homeowners are opting out after weighing the relatively remote chance of a temblor destroying their homes against the high cost of today's earthquake coverage. But we don't buy insurance coverage just to protect us from likely occurrences. We get insurance to guard against unlikely and financially devastating events.
The 2014 South Napa earthquake occurred in and around the city of Napa, California on August 24 at 3:20 a.m. local time, measuring at 6.0 on the moment magnitude scale. The tremor's epicentre was located south of Napa, approximately 3.7 miles (6.0 km) northwest of American Canyon near the West Napa Fault,beneath the Napa Valley Marina on Milton Road, just west of the Napa County Airport. Early estimates by California officials indicated that the earthquake caused over $400 million in damage.
On September 16, 2014 in a report to the Napa City Council, members were briefed on the status of damages sustained. City Staff reported that 156 commercial and residential structures had been red tagged and 1398 had been yellow tagged. It was also reported that the estimate for damage to the City's infrastructure had reached $57.9 million. This total includes repairs made to 144 water mains, repairs or replacement of a compromised water tank in Brown's Valley that is part of the City's water system and repair of 294 locations where streets and sidewalks had been damaged
In the case of quake insurance, people who decided long ago to do without it might want to revisit the issue--especially in light of changes in the last year that have made coverage more appealing
The state Legislature eventually responded by created the California Earthquake Authority, a state-run insurance pool. At SURE88 Insurance Brokers, we offer earthquake policies through the CEA and Pacific Specialty Insurance. Please call us at 408 453 8831 or email at email@example.com.