"This event is an important reminder that all of
Officials at both the
"Earthquakes will happen," the
The agency reported that only 13 percent of Californians with homeowner insurance also had earthquake insurance in 2017. And that's an overestimation according to Pomeroy.
"What's the percentage of homes in general that have earthquake insurance, whether they have homeowners insurance or not? That's more like 10 percent, maybe even a little less," he told
That included two counties in
At the end of 2017, nearly 11,000 single-family
In the greater
Earthquake insurance is even more lacking in
The likelihood of a major earthquake striking the greater
What earthquake insurance covers
A common misconception according to Pomeroy is that homeowners, renters and condominium insurance covers damage caused by natural disasters such as earthquakes.
"Your basic homeowners insurance policy, that protects you for fires and home burglaries and stuff," he said, "specifically excludes earthquake damage."
And while providers have to offer earthquake insurance under
The costs of policies vary by location. For example, a 1,800 square-foot four-bedroom home in
"I like to say that Californians are now in the driver's seat to choose the policy that is right for them," he said, "and it's important that they do."
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