March 18, 2001 |
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.
July 19, 2013 |
Question: I've been president of our homeowners association for several years. We have fewer than 20 units and have managed to keep our HOA dues low at around $330 a month, mainly because we don't have earthquake insurance. We've saved a lot of money because we haven't paid for earthquake insurance for more than 15 years and have been very lucky. Do we have to get it? Answer: With one earthquake, your luck may run out. However, after 15 years of savings, and in the best interests of the association, the board should have been depositing those savings in an interest-bearing bank account.
January 17, 1999
The California Earthquake Authority, which provides most of the state's earthquake coverage, has proposed a change in rates. Overall, rates would fall by about 4%, but in some areas they would increase by 100% or more. For a report and a list of affected ZIP Codes and territories, go to http://www.latimes.com/HOME/BUSINESS/UPDATES/lat_quake1218.htm .
February 10, 1994 |
Farmers Insurance Group has paid a $100,000 fine to settle 8-month-old charges that it illegally failed to offer earthquake coverage to some people, the California Insurance Department announced Wednesday. The settlement follows an investigation that began after a consumer complained to the department that Farmers--the state's third-largest homeowners insurer--had failed to offer her quake insurance after the 1989 Loma Prieta earthquake.
September 11, 1994
Is there a homeowners insurance crisis in California? Ask insurance companies and they respond with an emphatic "yes." Ask homeowners or real estate or escrow agents and they are unsure--but they do acknowledge it takes more time and money to secure less coverage. If there is no crisis yet, there soon could be. Currently insurers that provide 65% of California's homeowner policies--they include the biggest providers, such as Farmers, Allstate and State Farm--are refusing to write new policies.
November 9, 1994 |
Insurance Commissioner John Garamendi on Tuesday unveiled pricing and coverage details for the stand-alone earthquake insurance policies to be offered through the California Fair Plan, the industry-financed, high-risk insurance pool. Those with homes built after 1950 and located in seismically active areas--virtually all of Southern California and the San Francisco Bay Area--will pay $3.25 in premiums per $1,000 of coverage, Garamendi said.
July 18, 1992
NBC's decisions regarding preempting programming for newscasts during the recent earthquakes were idiotic, at best. I was tuned in to watch a basketball game, not more live footage of broken concrete in Yucca Valley. Then they had the gall to crow about their ratings for earthquake coverage when we know it had nothing whatsoever to do with their so-called news staff, but everything to do with people waiting for them to get their act together and show the game. JOHN P. McKAY JR. Garden Grove
January 10, 1990 |
A state appellate court in San Francisco ruled that a California law requiring insurers to offer earthquake insurance with their homeowners policies does not prohibit insurers from refusing to carry a homeowner altogether, if he or she insists on buying earthquake coverage. Two Marin County homeowners had sued State Farm Fire & Casualty Co. because it refused to sell them earthquake insurance and canceled their entire policy when they demanded it.
CALIFORNIA | LOCAL
September 21, 1999
20th Century Insurance Co., Woodland Hills, said it has resumed sales of home insurance policies in California. However, the company, which suffered more than $1 billion in losses after the 1994 Northridge earthquake, will not include earthquake coverage in its new policies.