![]() ![]() ![]() But actually, earthquake is specifically excluded from homeowner's policy in California and everywhere else in this country. ![]() And a lot of people just think that they've got a homeowner's policy, so they think they might be covered for shake damage. But the other, interestingly, is that people feel like maybe the government will step in or that they already have it. The first - you guys have talked about, people don't think it'll happen to them. And every now and then, it comes and strikes, as it did last week two days in a row - two biggest earthquakes California's had in 20 years.ĬORNISH: So I want to talk about some of the other reasons why people don't have insurance. Earthquakes are sort of the silent danger that lurks beneath your surface. They've got a lot of other things to attend to on a budget that requires them to put their money in various places. It's not surprising, really, that people go on about their busy lives. ![]() The last big one we've had was 25 years ago. But you know, it's a little bit out of sight, out of mind. And so scientists are out there letting us know what the probabilities are. POMEROY: One thing about earthquakes that make them, I think, particularly dangerous is they don't happen very often, and it's not visibly apparent that it's going to come. Long answer is - but basically, it boils down to, people don't think it's going to happen to them, and they think it costs too much.ĬORNISH: Why isn't it a given? Culturally, why do you think homeownership in California - people don't have the sense that, yes, I should also have earthquake insurance? He's CEO of the California Earthquake Authority, a nonprofit that sells earthquake insurance plans.ĬORNISH: Two-thirds of earthquake damage in the country happens in California, so why do so few Californians have insurance? And to explain why and whether last week's quakes are changing that, we're joined by Glenn Pomeroy. The entire state is vulnerable to earthquakes, but just 13% of homeowners have earthquake insurance. They shook buildings off of their foundations, spurred fires and knocked out power. Receive an insurance discount for strengthening your house: Policyholders with eligible older houses who have completed a seismic retrofit qualify for a premium discount of up to 25 percent discount on their CEA earthquake insurance policy.The earthquakes that struck Southern California last week were the strongest the state had felt in 20 years.Consider CEA insurance: Get peace of mind from knowing you can afford to repair, rebuild, or replace your covered property damaged by an earthquake.Get a retrofit grant to strengthen your house: Earthquake Brace + Bolt helps qualifying homeowners lessen the potential for damage to their houses during an earthquake.Learn about earthquake risk: CEA risk education and loss mitigation programs joined with earthquake insurance protection help you prepare for and recover from damaging earthquakes.Since 2019, CEA also has administered the Wildfire Fund, a catastrophe fund that provides a source of funding for payment of claims arising from a wildfire caused by any large electrical utility company that meets the legal requirements for participation in the fund.ĬEA provides leadership to the CRMP Board, helped found CRMP in 2011, and continues to provide partial funding for CRMP's mitigation program, Earthquake Brace + Bolt. The California Earthquake Authority (CEA) is a not-for-profit public instrumentality of the state of California that has two distinct roles: Since 1996, CEA has provided residential earthquake insurance while educating Californians about earthquake risk and helping them reduce their risk of earthquake losses through residential mitigation. Home > About Us > About CEA The California Earthquake Authority ![]()
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