Mortgagors require Fire and Flood Insurance in CA. Why is it that they do not also require Quake insurance? Cannot be price because if they did require it the price would drop like the proverbial lead balloon. With the current quake panic this would seem a good time to begin requiring all mortgagees to carry quake insurance. Build that pot of premium and kick the prices down.
I couldn’t agree more Quinn. Even now with the recent earthquakes will people buy? No they won’t. There seems to be some prevailing belief that it will not happen to them and the government will bail you out. Bad theology.
Insurance Code in CA forbids lenders from requiring earthquake coverage. They try, especially lenders based outside CA. But they cannot force it. BTW, California EQ Authority has about 14 or 15 participating carriers, if you don’t have your HO with them, you cannot buy the EQ policy. Your choice is take it when offered by your HO carrier or go to one of the stand-alone programs. State requires HO carriers to offer EQ to policyholders at least once every two years.
Please note that around paragraph 6 there is a huge error – standard homeowners policies do NOT cover earthquakes. Need better proofreading for an insurance specific site … I pretty much quit bothering with the article after that. Worse than useless information.
Mortgagors require Fire and Flood Insurance in CA. Why is it that they do not also require Quake insurance? Cannot be price because if they did require it the price would drop like the proverbial lead balloon. With the current quake panic this would seem a good time to begin requiring all mortgagees to carry quake insurance. Build that pot of premium and kick the prices down.
I couldn’t agree more Quinn. Even now with the recent earthquakes will people buy? No they won’t. There seems to be some prevailing belief that it will not happen to them and the government will bail you out. Bad theology.
Insurance Code in CA forbids lenders from requiring earthquake coverage. They try, especially lenders based outside CA. But they cannot force it. BTW, California EQ Authority has about 14 or 15 participating carriers, if you don’t have your HO with them, you cannot buy the EQ policy. Your choice is take it when offered by your HO carrier or go to one of the stand-alone programs. State requires HO carriers to offer EQ to policyholders at least once every two years.
Please note that around paragraph 6 there is a huge error – standard homeowners policies do NOT cover earthquakes. Need better proofreading for an insurance specific site … I pretty much quit bothering with the article after that. Worse than useless information.
Thanks for pointing out the obviously missing word.