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Quake Insurance

NEWS
April 19, 1996 | Associated Press
The Assembly on Thursday passed an insurance industry-backed version of a bill to create a $10.6-billion state fund to cover homeowners' earthquake losses. But the vote, the second attempt at approving the bill, was not a victory for the industry but an attempt to advance the bill into a conference committee in order to seek a compromise with a more consumer-friendly version passed by the Senate.
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CALIFORNIA | LOCAL
July 28, 1996
The state earthquake insurance authority proposed by Insurance Commissioner Chuck Quackenbush would not provide real insurance at all but would be a rip-off of future earthquake victims, consumer advocate Ralph Nader told hundreds of unhappy policyholders Saturday night in Northridge.
CALIFORNIA | LOCAL
January 18, 2001 | KARIMA A. HAYNES
On the seventh anniversary of the devastating Northridge earthquake, a San Fernando Valley homeowners' group Wednesday encouraged property owners to settle unresolved claims and called for California earthquake insurance reform. The group, Community Assisting Recovery Inc. (CARe), gathered in front of a quake-damaged home on Balmoral Lane in West Hills to encourage property owners to take advantage of a new law allowing them to file revised claims with their insurance companies.
CALIFORNIA | LOCAL
April 27, 1994 | JILL BETTNER
State Sen. Tom Hayden (D-Santa Monica) introduced a bill Tuesday that would require insurance companies to make most checks for earthquake damage payable directly to homeowners, rather than to homeowners and their mortgage holders.
NEWS
November 21, 1996 | KENNETH REICH, TIMES STAFF WRITER
They know earthquakes in Sylmar, but they don't know much about the state's vaunted new earthquake insurance authority. And they aren't all that keen about what they've heard. It was in this northeast corner of the San Fernando Valley that the Sylmar-San Fernando earthquake of 1971 did $511 million in damage. And the Northridge quake of 1994 hit hard here too.
NEWS
April 19, 1996 | Associated Press
The Assembly on Thursday passed an insurance industry-backed version of a bill to create a $10.6-billion state fund to cover homeowners' earthquake losses. But the vote, the second attempt at approving the bill, was not a victory for the industry but an attempt to advance the bill into a conference committee in order to seek a compromise with a more consumer-friendly version passed by the Senate.
NEWS
September 21, 1990 | From Times Wire Services
Gov. George Deukmejian signed a bill today that will give all California homeowners up to $15,000 in earthquake insurance for a maximum fee of $60 a year. "It is going to greatly minimize the financial impact on our citizens," he said at a bill-signing ceremony in his Capitol office suite. It will create a California Earthquake Recovery Fund. All homeowners will pay a surcharge, beginning next July 1, of $12 to $60, depending on the quake risk of their area.
CALIFORNIA | LOCAL
May 20, 1999 | KENNETH REICH
California is a land of excellent climate, tremendous material wealth and unlimited opportunity. But it is also a land of risk, particularly of catastrophic earthquakes. And the costs of ignoring risks can be considerable. I bring this up because the state government's experiment with earthquake insurance, the California Earthquake Authority, is having a tough time.
BUSINESS
October 20, 1989 | JAMES GRANELLI and MICHAEL PARRISH, TIMES STAFF WRITERS
A day after it stopped issuing earthquake policies to its California customers, Allstate Insurance Co. lifted its statewide ban and began offering coverage to all of its policyholders, including those in the 17 counties affected by Tuesday's major earthquake in the Bay Area. Allstate, the only company to put a blanket moratorium throughout the state, became the first major carrier to remove that ban in the quake-affected areas.
NEWS
October 11, 1996 | KENNETH REICH, TIMES STAFF WRITER
Homeowners across California would pay vastly different amounts for earthquake insurance, depending on where they live and the age of their homes, under rates approved by the new California Earthquake Authority. The new rates are already being criticized by the Wilson administration and consumer groups, and late Thursday, Insurance Commissioner Chuck Quackenbush said he might reject or modify them before the authority starts up full operation Dec. 1.
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