This decrease will affect approximately 85% of CEA policyholders starting on July 1, 2006 but 15% of policyholders will see an increase in rates. The reason for the decrease is largely due to “recent geological and soil surveys that created more refined maps indicating areas are more stable than previously thought.”
An important piece of information about earthquake insurance was brought up in the article, “The deductible is not something the homeowner pays. The deductible is merely subtracted from the total claim payout. It's important for agents to know that because consumers are often misinformed.”
Other improvements to the CEA include, “product enhancements so that coverages no longer need to be sold in packages, but now consumers can choose individual coverages that work for them.”
An interesting statistic from the article is that only 14 percent of Californians have earthquake insurance and CEA writes 70 percent of the 1.1 million policies in the state.
Is there earthquake insurance for renters
Posted by: Anonymous | September 12, 2007 12:41 PM | Permalink to Comment