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More Buy Earthquake Insurance in California

More than seven times the usual number of Californians bought earthquake insurance through the California Earthquake Authority in 2016...
May 2, 2017

More than seven times the usual number of Californians bought earthquake insurance through the California Earthquake Authority (CEA) in 2016. CEA gained more than 52,000 policies in force during 2016, well above the growth rate during the prior decade of about 7,200 policies annually, it said in a statement. To date, the CEA has about 940,000 policyholders.

Tim Richison, the CEA’s chief financial officer, recently told Best’s News Service that overall coverage is improving, but is still short of the state’s needs. He said about 10% of Californians have coverage overall. “We have a long way to go to get Californians the protection that they need to have,” he said.

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