How to Increase Earthquake Insurance Penetration Rate

How to increase earthquake awareness

Find nearby shelter or use your arms and hands to “Cover” your head and neck. “Hold” on to your shelter and move with it if it shifts. “Drop, Cover, and Hold” gives you the best overall chance of quickly protecting yourself during an earthquake … even during quakes that cause furniture to move about rooms

How to improve earthquake safety

Drop down and take cover under a desk or table. Stay inside until the shaking stops and it is safe to exit. Stay away from bookcases and other furniture that can fall on you. Stay away from windows and light fixtures. If you are in bed – hold on and stay there.

How to increase earthquake insurance do i need

Ways to help manage your premiums. Review your coverage and limits to ensure you have the right amount of insurance. Increase your deductible to help reduce your premium. Keep an inventory of personal possessions so that, if you have a claim, you'll have a record of all belongings to ensure they are properly replaced.

How to increase earthquake insurance should i buy

Most basic home insurance policies do not cover damage from earthquakes; ... a homeowner, we recommend buying enough earthquake insurance to cover the ... In some higher-risk areas, consumers face increased premiums, deductible

How to increase earthquake insurance should i have

Review your coverage and limits to ensure you have the right amount of insurance. Increase your deductible to help reduce your premium. Keep an inventory of personal possessions so that, if you have a claim, you'll have a record of all belongings to ensure they are properly replaced.

How to increase earthquake insurance penetration rate

In high-income countries where earthquake risk is perceived to be high, earthquakes are insured if and only if the public sector is involved. The proto-typical examples of this public sector involvement are the public earthquake insurance schemes in California, Japan, and New Zealand. Each of these insurance programs is structured differently, and the purpose of this paper is to examine these differences using a concrete case-study, the sequence of earthquakes that occurred in Christchurch, New Zealand, in 2011. This event was the most heavily insured earthquake event in history. We examine what would have been the outcome had the system of insurance in Christchurch been different. In particular, we focus on the California Earthquake Authority insurance program, and the Japanese Earthquake Reinsurance scheme. Overall, the aggregate cost of the earthquake to the New Zealand public insurer (the Earthquake Commission) was USD 6.2 billion. If a similar-sized disaster event had occurred in Japan and California, homeowners would have received only around USD 1.6 billion and USD 0.7 billion from the Japanese and Californian schemes, respectively. We further describe the spatial and distributive aspects of these scenarios and discuss some of the policy questions that emerge from this comparison.

How to increase earthquake insurance influence rate

If your premium has gone up, it may be due to one or more of the following factors: New science that showed increased earthquake risk in certain locations, as determined by new information on fault system locations. Updates to include roof type as a rating factor for homeowners, because roof weight impacts the damageability of a house during an earthquake. Modifications to foundation-type definitions to recognize combination (or “other” type) foundations are more damageable but can be retrofitted and receive a hazard reduction discount. Removal of CEA’s self-verified 5% hazard reduction discount: You must now have a contractor or structural engineer verify your retrofit. The good news is that once your CEA Earthquake Insurance Dwelling Retrofit Verification Form (DRV form) is signed and turned in to your participating residential insurer, your discount will now be between 10% and 25%!