Earthquake insurance has gone down, and efforts are underway to demonstrate the effects of an earthquake in San Diego, and the importance of insuring against the damage they can cause.
The California Earthquake Authority (CEA) has determined that only one in five homeowners and renter have earthquake insurance in San Diego. The recent cuts made to earthquake insurance rates by the CEA makes now a good time to reexamine this option.
In addition to a 10% rate cut statewide, the CEA also premiered new options enabling residents of mobile homes, condos, homes, or rentals to pursue affordable coverage.
Many more Californians would likely have earthquake insurance if they thought they could afford it. A Direct Mail printing explaining not only the importance, but also the options and increased affordability of the insurance, could increase participation rates.
To drive home the importance of insuring their property against earthquake damage, an earthquake simulator provided by Safe-T-Proof was set up in Sorrento Valley on February 4. Participants in the simulation experienced an approximation of an 8.4-magnitude earthquake and were educated in the damage such an earthquake can do.
Insurance costs vary with the proximity of a structure to a fault line, as well as a building’s age. The CEA has a website residents can use to obtain an estimate of their insurance options and their associated costs. Moreover, consumers can adjust their coverage options to match their budgetary limits.
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