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Earthquake 20th Anniversary is a Reminder for Californians to be Prepared
Jan 28, 2014
Twenty years ago today the 6.9 magnitude Northridge Earthquake rocked Southern California causing more than $23 billion in insured losses.
Twenty years ago today the 6.9 magnitude Northridge Earthquake rocked Southern California causing more than $23 billion in insured losses. The anniversary serves as an important reminder that California is earthquake country and residents should make financial and physical preparation part of a regular routine, says the Association of California Insurance Companies (ACIC) in a press release put out this week.
“California has not experienced a major earthquake for 20 years and it’s easy to become complacent,” said Mark Sektnan, ACIC president. “Geologists say it is not a question of if a major quake will occur in this state, but when. A silent economic threat hangs over California because only 11 percent of homeowners have purchased earthquake insurance. Too many residents think an earthquake won’t affect them or that the government will somehow provide a bail out. The 20-year anniversary should be a wakeup call for Californians to look at their risk and consider buying earthquake insurance to protect their homes.”
The Northridge earthquake remains the largest quake in U.S. history resulting in 57 deaths and 8,800 injuries. Northridge changed how insurers cover earthquakes in California and led to the creation of the California Earthquake Authority (CEA). Insurance companies are required to offer earthquake insurance to policyholders every two years, but coverage is always available. Private insurers and the CEA offer the coverage.
“Californians should not wait until it is too late. Talk to your agent or company about earthquake insurance,” said Sektnan. “New products are available in the market place that give homeowners more options. A home is the largest asset most people have and it should be protected.”
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