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Despite Growing Risk, Fewer Buy Earthquake Insurance

Despite increased risk, the number of homeowners with earthquake insurance nationwide sits at just seven percent, according to a new survey released by the Insurance Information Institute...
August 27, 2014

Despite increased risk, the number of homeowners with earthquake insurance nationwide sits at just seven percent, according to a new survey released by the Insurance Information Institute (I.I.I.). That figure is down from ten percent last year.

"This risk is real and very important. Consumers and small business owners need to take the risk of an earthquake seriously," said Jeanne Salvatore, senior vice president and chief communications officer for the I.I.I. Salvatore said updated maps from the U.S. Geological Survey show 42 states are at risk of suffering an earthquake, with 16 states at high risk. But even with those risks, the take-up rate for earthquake insurance is low.

Salvatore said it is important for the industry to continue making the case to homeowners and small business owners that earthquake coverage can save a lot of heartache in the long run. "Everyone should contact their insurance professional to make sure that they understand their coverage and they have the appropriate amount and type of coverage for the risks where they live," she said.

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