Recent Quakes Emphasize Importance of Earthquake Insurance

In 2012 so far, over 2000 earthquakes of varying magnitudes have occurred [1]. Being the most common natural disaster along the Ring of Fire (running from California to Alaska), you would imagine that more homeowners have invested in earthquake insurance; however, a recent report in Fox Business shows that most families lack the kind of insurance required to cover them in the event of earthquake damages. 

In 2011, a 5.8 magnitude earthquake hit Virginia. In the epicentre, of Louisa County, there was $14 million worth of damage to residential buildings. According to Fox Business, however, less than 50% of homes had earthquake insurance, leaving most families with the expensive responsibility of paying for repairs themselves. 

Across the country, residents in earthquake-prone areas lack the insurance required to cover earthquake-related damages. In California, the state with the highest number of earthquakes per year, only 12% of homes have insurance coverage. In Oklahoma, less than 1% are covered.