12% of Californians have earthquake insurance

North America

The vast majority of California homeowners are under the impression that their buildings’ insurance covers them against earthquake damage despite numerous education campaigns over the years by organisations such as Insurance Information Network of California (IINC). The IINC notes that less than 12.0% of homeowners in the state have earthquake coverage which needs to be purchased separately from home insurance. The IINC sees a catastrophic earthquake as near certainty in the next few decades. A recent report by the Earthquake Country Alliance, a public-private coalition of earthquake professionals, emergency managers, government agencies and businesses of which the IINC is a member, outlined a likely 7.8-magnitude earthquake scenario along the San Andreas Fault which is projected to cause more than $200.0bn damage. The report is part of a massive earthquake preparedness drill scheduled by the Earthquake Country Alliance for November 13.