Archive for the ‘earthquake insurance’ Category

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OK Earthquake Relief Request DENIED

December 7th, 2011 by Iris | 1 Comment | Filed in earthquake insurance

Last week, we reported that Governor Mary Fallin of Oklahoma had petitioned for assistance from FEMA after a series of earthquakes struck the state in November, with aftershocks felt throughout the long Thanksgiving holiday. On Monday, it was announced that her request for federal aid had been denied.

Governor Fallin told the press that she was “disappointed,” but that other options will be considered. One of those options is a request to the U.S. Small Business Administration to help residents of Lincoln County in their recovery.

Governor Fallin said that she believes individual assistance is justified because almost 200 homes and businesses have confirmed damage. To that end, she’s asked the SBA for low-interest disaster loans for renters, homeowners and business owners to repair or replace property not otherwise covered by insurance or eligible for any other kind of assistance. Such funding would also help businesses that suffered damage in the quakes.

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Oklahoma Governor Seeks Disaster Aid Because of Quakes

December 1st, 2011 by Iris | Comments Off | Filed in earthquake insurance

The state of Oklahoma felt at least five small earthquakes over last week’s Thanksgiving holiday. According to the U.S. Geological Survey, there was a 2.4 magnitude quake at 6:55 AM on Saturday, November 26th, with an epicent4er about five miles south of Sparks. This was the fifth temblor in the area since Thursday the 24th, when a 3.7 magnitude shaker was recorded near Prague. There were three more tremors between those.

Earlier in November, a 5.6 magnitude quake – the strongest Oklahoma has ever recorded – struck the state, causing damage to at least 40 houses and a highway, and collapsing a tower at Shawnee, OK’s St. Gregory’s University.

In the wake of these earthquakes, Oklahoma Governor Mary Fallin has requested a federal disaster be declared. Her request was made on November 22nd, and is meant to get help for people and businesses in Lincoln and Pottawatomie counties, where the tremors have been centered. Nearly 200 homes and businesses have been damaged in those counties, according to early estimates.

If the governor’s request is approved, FEMA (the Federal Emergency Management agency) will provide grants and low-interest loans to home- and business owners and renters.

Insurance companies around the state are also rallying, redefining their coverage in Oklahoma.

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Eqecat Says East Coast Quake Losses Under $100 Million

August 23rd, 2011 by Iris | Comments Off | Filed in earthquake insurance, homeowners insurance

While the 5.9 magnitude earthquake that hit Virginia, earlier today, and shook up the entire east coast of the United States was a very loud reminder that people in California aren’t the only ones who need earthquake insurance, the catastrophe modeling company Eqecat says it actually caused less than $100 million in insured losses.

According to Eqecat, insurance losses were minimized because the earthquake was relatively weak. Had it had a magnitude of 7 rather than just under 6, the insured losses would have been more than 20 times greater, is says.

Eqecat’s models are used in the insurance industry in order to assess risk, predict losses and plan coverage. Representatives of the company said its data suggests that in the affected areas, minor damage is more likely than any significant structural damage.

After years of insurance coverage prices going down, disastrous earthquakes around the world have literally rocked the insurance industry. Prices began to increase after the March temblor in Japan caused tens of billions of dollars in insured losses and much more than that in economic losses.

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California Senators Introduce Earthquake Insurance Affordability Act

March 22nd, 2011 by Iris | Comments Off | Filed in earthquake insurance

Last week, Democratic U.S. Senators Barbara Boxer and Dianne Feinstein, both form California, introduced a new piece of legislation designed to reduce the cost of earthquake insurance for Californians and other individuals who buy earthquake insurance coverage from non-profit, state-run, earthquake insurance programs.

The legislation, dubbed the Earthquake Insurance Affordability Act, allows the California Earthquake Authority (CEA) and other non-profit insurance programs, access to federal loan guarantees in order to more efficiently and effectively capitalize for catastrophic earthquakes. Doing so would allow such programs to reduce the rates homeowners must pay, and empower more people to buy insurance in anticipation of the next major earthquake to strike California.

Senator Feinstein said, “The tragedy and devastation of the recent earthquake in Japan was a real wakeup call. “We cannot prevent an earthquake, but we must do everything we can to prepare for one by ensuring homeowners have access to affordable earthquake insurance coverage.”

“This legislation will allow homeowners to get back on their feet and recover more quickly in the event of a significant earthquake,” she continued.

Senator Boxer also spoke about the legislation, saying, she was, “…proud to join with Senator Feinstein to introduce legislation that would help homeowners in California access affordable earthquake insurance, which is critical to helping residents and communities recover and rebuild after the devastation of an earthquake.”

During the first five years the Act is in force, there is a potential savings of roughly half a billion dollars in reinsurance costs, which would be passed on to consumers as lower rates. The CEA could cut premiums by as much as 30% or reduce deductibles by as much as 50%, which would allow at least 700,000 additional California homeowners to afford earthquake insurance.

Even better, federal taxpayers won’t be footing the bill: the entire cost of the loan guarantees and the administration of the program will be covered by the participating state programs.

In addition, enacting the Earthquake Insurance Affordability Act, and increasing the number of people covered by earthquake insurance, will reduce the government’s cost of disaster recovery. This is because FEMA can’t may payments to people who have such coverage, which means every homeowner with earthquake insurance is one less that FEMA might have to supplement when a disaster-causing earthquake strikes.

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US Tsunami Damage Exceeds $50 Million, Estimates Say

March 14th, 2011 by Iris | Comments Off | Filed in earthquake insurance, flood insurance

While the United States did not see anything close to the damage that continues to worsen in Japan, but estimates say that tsunami waves that followed Friday’s earthquake have caused more than $50 million in damage in the western part of the country.

Governor Neil Abercrombie, in Hawaii, issued an emergency proclamation that will allow his state to seek federal aid, after harbor facilities and boats were damaged, and homes and hotels were flooded.

Ed Teixeria, vice director of Hawaii’s State Civil Defense says the initial property damage estimate for state-owned property is at least $3 million. Privately-owned property is still being assessed.

According to Teixeria the piers in Keehi Lagoon and a small harbor in Haleiwa, both on Oahu, were among the areas suffering the most damage, while seven homes were flooded, and one dragged out to sea in Kealakekua Bay on the Big Island of Hawaii. As well, he said, nine cars were also flooded there, with one dragged into the bay, and the commercial side of the harbor also saw damage.

In Oregon, Governor John Kitzhaber and U.S. Senator Jeff Merkely also requested disaster declarations, in order to begin recovery programs for residents. Oregon officials estimated an excess of $10 million in damage at Ports Orford, Gold Beach, and Brookings.

As well, a man from Bend, OR, who ignored warnings to avoid the beach, was washed out to sea while attempting to take pictures of the tsunami waves.

California also saw damage. Governor Jerry Brown has declared a state of emergency in Del Norte, Humbolt, San Mateo, and Santa Cruz counties. There was at least $17 million in damage to the Santa Cruz harbor with 50 damaged boats, and 17 that completely sank. That estimate, however, does not include the “full extent of damage and the impact to personal property,” where are still unknown.

The Santa Cruz harbor has been designated a Coast Guard Safety Zone, and has been closed to all vessel traffic until oil and debris removal has been completed, and pollution and public safety issues have been addressed, along with the removal of any navigational hazards.

Japan’s earthquake and tsunami losses are estimated at between $15 billion to $35 billion.

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California Fault Lines go Online

February 14th, 2011 by Iris | Comments Off | Filed in earthquake insurance

If you’re thinking about moving to (or within) California, and are curious about where your prospective dwelling is, in relation to fault lines, there’s good news for you. As long as you have Internet access you now have the ability to find out whether or not the place you want to live is on a fault.

The California Geological Survey has announced the posting of its fault zone maps to the ‘net for the first time. Until now the 547 maps were only available in paper or disc formats.

California state geologist John Parish explained that his agency uses Google Maps’ address-matching capabilities to link users to the right map for a specific property.

It’s already required by state law that home buyers be informed of whether or not the home they wish to purchase lies in an earthquake fault zone.

It should be noted that having this information on the net does not affect the need for earthquake insurance.

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Central Arkansas Shaken By Earthquakes

November 23rd, 2010 by Iris | Comments Off | Filed in earthquake insurance, homeowners insurance

Residents of Arkansas and other parts of the south-central United States may want to look into earthquake insurance if Saturday was anything to go by.

Central Arkansas was rattled by a series of earthquakes three days ago, including one with a magnitude of 3.9, though some reports said that it felt closer to 4.2.

The U.S. Geological Survey confirmed the 3.9 rating however, and also reported a number of other quakes centered near Guy, AR, with magnitudes ranging from 1.7 to 3.9.

The strongest of the temblors occurred around 1:00 in the afternoon, and was felt in the northwestern part of the state.

Fortunately, there was no structural damage, and no one was injured.

This is just the most recent in a series of earthquakes, the last of which were about a month ago. That last series didn’t have any quakes over 3.0, however.

Dr. Steve Horton, a research scientist from the University of Memphis, told the press at that time that Arkansas is getting a lot of unusual earthquakes. At that time, they’d logged more than sixty in the previous thirty days.

“In the New Madrid Seismic Zone there’s approximately 200 per year, so if we had that many in Central Arkansas in less than a month, something is going on,” said Dr. Horton.

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