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House Committee Approves Private Flood Insurance Bill

The U.S. House Financial Services Committee has approved the Flood Insurance Market Parity and Modernization Act (H.R. 2901), which would clarify that private insurance is to be treated the same as federal flood insurance in cases where homeowners with federally-backed mortgages are required to buy the coverage...
March 10, 2016

A number of low-magnitude earthquakes in the New York region have prompted residents to consider earthquake coverage. Some geologists predict the increase in temblors will continue and a large-scale quake could be coming. [infographic]

In the first two months of 2016 seven earthquakes occurred, according to U.S. Geological Survey data, which is more than the five that occurred in all of 2015. The data indicate that each of the recent earthquakes registered a magnitude 2.0 or below. Six of the earthquakes this year occurred near northern New Jersey. In New Jersey, few residents have earthquake coverage, according to the State Department of Banking and Insurance.

Alexander Gates, a geologist at Rutgers University who has analyzed historical earthquake trends in the New York area over decades, said the region is on pace for more earthquakes. “We are overdue,” Dr. Gates said. “Sooner or later we are going to get a big one.”

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