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GeoVera CEO, John Forney shared some frightening numbers at a recent industry conference.
When asked, “Will there be a big earthquake?”, he referenced the following,
“According to the third Uniform California Earthquake Rupture Forecast (UCERF3) report, before 2044 there is a:
If your agent referred you to this blog, then we already know you’re ahead in the earthquake insurance discussion. But if you stumbled across our site today and are wondering why he/she hasn’t mentioned earthquake to you, then you’re not alone.
John shared his own perspective from being a first-time homebuyer in California:
“What most agents don’t know about earthquake insurance is that at least 50% of your customers don’t know that their homeowners insurance doesn’t cover earthquake, and they’re going to come looking for you after they have a loss!
“Think I’m exaggerating? No way. If anything, I’m understating the extent of the problem… anecdotal evidence:
“My experience as a first-time CA homebuyer in July 2020 (and by the way, my home was in a neighborhood in South Napa that suffered damage during the 2014 earthquake):
“My agent did not know I worked for an earthquake insurance company. She never mentioned the word earthquake during the process that led to my purchase of a Nationwide HO3 policy, nor did she tell me that that policy did not cover losses from earthquakes. Thirty days later I received the CEA mandatory offer (15% deductible, $5000 contents coverage). Because of my job, I knew what it was, but for the uninitiated homeowner I’m sure it looks like junk mail and is routinely discarded. I bought a GeoVera policy, of course!”
Given the risk to our region, now is time to consider how earthquake insurance will provide the protection you don’t get from your homeowners insurance policy. QuakeInsurance by GeoVera provides innovative insurance solutions in catastrophe-exposed areas and is the leading provider of residential earthquake insurance. Get an online quote in less than 5 minutes!