Home Insurance Online has become a whole lot simpler. (Technology)
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Earthquake Insurance – Another earthquake rattled a large portion of California forcing dozens of people to evacuate their homes; inspectors found foundation problems in many homes and buildings.
A 20 unit apartment building was red tagged in Fullerton, a city in Orange County, after authorities discovered a major foundation crack. Other structural issues were found in more than a dozen single family homes which were also declared unsafe to live in. 107 residents were displaced during the earthquake which occurred just after 9PM on Friday, 28th March.
Apart from the evacuations, two noted foreshocks and more than 120 aftershocks quivered nerves all weekend long. The main quake had a magnitude 5.1 and was centered approximately 25 miles South of Los Angeles.
Although there were no reported injuries, few were faced with serious property damage and many were faced with damaged personal property and valuables.
Friday’s shaker was the strongest to strike the Southern California region since 2008. Southern California has been in a seismic calm since the horrible 1994 Northridge earthquake which killed 72 people and caused over $25 billion in damage.
Since more light has been shed on the topic of earthquakes in the recent year, more homeowners have been inquiring about purchasing earthquake insurance to lessen the burden of another horrifying earthquake similar to the one that occurred in Northridge in January 1994.
Homeowners are finding that there are few options when it comes to earthquake insurance; there are sizeable deductibles, many restrictions and high premium rates. For the most part, insurance carriers are insuring an event that lacking the data to securely assess the risk factor; also, the majority of homes are not insured thus leaving the insurance carriers faced with a smaller pool amongst whom to spread the risk; this issue clearly is cause for higher premium.
There is now great fear that the ‘Big One’ is near, the ‘Big One’ is generally referred to as a major event that is expected along the San Andreas Fault. Recent documentaries have explained that the fault has the possibility of causing a magnitude 9.0 earthquake which was devastate large regions of inhabited areas from the Mexican border up to Northern California.
