"We could sell a few, but I'm not anticipating a lot," he said. "Especially when they find out the deductible."
Gould said that deductibles for earthquake insurance policies in the
Premiums for such a policy would cost approximately
Many companies won't even sell the policy in the immediate aftermath of a quake, Gould said.
Earthquake policies do not help homeowners seeking a home loan, Gould said.
Fewer than 5 percent of Gould's clients have typically held earthquake insurance policies during his 32 years in
An earthquake "would have to be in excess of a 7.3 at the
Seismic activity of that magnitude hasn't been recorded in
Disaster preparedness experts have said that
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Current data suggest that earthquakes like the 1812 event will have a "repeat rate" of about 500 years, he said, and
19 percent of claims paid
A lack of competition in the
Reports of property damage caused by the
Spears said that only one of her several clients with earthquake policies will receive a payment from insurers after Saturday's quake. Stones fell from the masonry walls of that client's home, she said.
Between providing quotes to residents of the
She was enjoying the sunshine and the long weekend by a lake when the quake struck.
"I thought that my camper trailer was going to lay on its side," she said. "It was rumbling like crazy -- so loud my uncle thought it was a tornado. He went out, saw clear blue skies, and realized it was an earthquake."
After that experience, and after looking at the numbers -- deductibles are lower in
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