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Agency Warns: Review Earthquake Insurance

March 18, 2001|JENNIFER OLDHAM

Withthe recent Washington temblor in mind, the California Earthquake Authority is urging homeowners in the state to review their residential insurance policies to ensure that they have earthquake coverage.

Since most California residential insurance policies do not cover earthquake damage, separate coverage is necessary. Only 17% of California homeowners now hold earthquake insurance policies.

The CEA says many California homeowners mistakenly think they have earthquake coverage when they obtain home insurance, said David Knowles, the CEA's chief executive.

The CEA underwrites two out of three residential earthquake policies in the state, keeping rates to an average of $2.79 per $1,000 of coverage. Rates vary according to local seismic risk and the home's age and type of construction.

For more information visit the CEA's Web site at http://www.earth quakeauthority.com, or call (877) 797-4330.

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