March 5, 2010 |
Yves Didier has been a strong believer in earthquake insurance since the 1994 Northridge quake, when his apartment building was severely damaged and some of his neighbors lost their lives. He didn't hesitate to pay as much as $2,500 a year for coverage after he purchased a three-bedroom house in Reseda in 1999. He said he's never missed a payment and (thankfully) never had to make a claim. So it came as a shock for Didier, 45, to recently be told by his insurer, GeoVera Insurance Co., that his annual premium would nearly triple to $7,100 and that his deductible would soar to more than $100,000.
April 29, 2007 |
Few know the risk of living in earthquake country quite like Susan Hough. The 46-year-old seismologist heads the U.S. Geological Survey's Pasadena office, which monitors earthquakes statewide. She also has written a book about Charles Richter, who invented the scale for measuring the magnitude of quakes. She's lived through a few big ones too, including the 1992 Landers quake and the catastrophic 1994 Northridge quake.
September 12, 2006 |
Thousands of Californians with earthquake insurance are eligible for refunds of hundreds of dollars linked to lower rates, but few have been told how to get them. On July 1, the California Earthquake Authority cut rates an average of 22.1% for about 85% of its 753,000 policyholders around the state. But the agency did not mention that consumers are entitled to cash out the balance of their current policies with no penalty to take advantage of the better deals.
July 2, 2006 |
EARTHQUAKE insurance: Most California homeowners don't have it, but Bill Saake wouldn't think of going without it. After the 1994 Northridge quake damaged his Chatsworth house beyond repair, his Allstate policy paid to rebuild. But Allstate, like many other insurers, no longer offers earthquake insurance in California, so Saake pays around $1,700 a year for coverage on his four-bedroom, three-bathroom home from the California Earthquake Authority, a privately funded, state-run insurance pool.
March 24, 2006 |
When Charlie Bott got an offer in the mail recently for earthquake insurance, he stared long and hard at the bottom line. Then he threw it away. "It was way beyond anything you pay for house insurance. Not even in the same league," said Bott, a nuclear engineer with a baby on the way. Now, like millions of others, he's hoping the Big One doesn't strike -- or if it does, that the government will come to the rescue.
CALIFORNIA | LOCAL
April 30, 2002 |
The U.S. Supreme Court on Monday turned away the insurance industry's challenge of a California law that gave thousands of property owners a second chance to claim damages from the 1994 Northridge earthquake. "Obviously, we're disappointed," said Fiona Hutton, a consultant with 21st Century Insurance Co., formerly known as 20th Century, which asked the high court to hear a case involving a Culver City homeowner. The court refused the request without comment.