Earthquakes and Insurance

I have lived my whole life (so far) on the east coast of the US. I have never felt an earthquake.

I recently added an earthquake map to my Google home page. I’m amazed at how many quakes there are every day in the US! Every time I open my web browser I see a map that has pins showing recent quakes. At least 3 a day show up – almost all in California and Alaska. Today’s map shows 6.

And yet, a recent Reuters article says that only 14% of Californians buy earthquake insurance.

It goes on… “The U.S. Geologic Survey estimates a 62 percent probability of a magnitude 6.7 or greater earthquake capable of causing widespread damage striking the San Francisco area before 2032. The current value of residential and commercial property in the “damage footprint” of the 1906 earthquake is estimated to be more then $1.6 trillion. Were a temblor similar to the 1906 earthquake to strike the area there would be estimated insured property losses of $80 billion and total property losses would top $300 billion, according to experts.”