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Earthquake insurance is a separate endorsement or policy, depending on the state, for coverage from damages caused by an earthquake to your home and belongings. Typically, earthquakes aren’t ...
Following the devastating earthquakes that hit Chile and Haiti, some insurance companies are hiking rates on earthquake insurance by as much as 200%. A recent Los Angeles Times article reported ...
Earthquake insurance for earthquakes in Turkey is compulsory [11] [12] [13] for residential buildings in urban areas. [14] However it is often not enforced. [14] The Turkish Catastrophe Insurance Pool was created shortly after the 1999 İzmit earthquake [15] [14] and is making payments for the 2023 Turkey–Syria earthquake. [16]
Despite this significant market share, only 14% of all residential insurance policyholders in the state had earthquake coverage. This percentage includes various types of dwellings, with homeowners and condo owners at approximately 16%, renters at 14%, and mobile home owners at 20%.
Due to the large amount lost by insurance companies, most insurance companies either stopped offering or severely restricted earthquake insurance in California. In response, the California Legislature created the California Earthquake Authority (CEA), which is a publicly managed but privately funded organization that offers minimal coverage. [69]
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