Cliff Treese of Association Data brought some statistics to my attention involving earthquake (EQ) insurance in California. Going back as far as 2001, the percentage of properties without EQ insurance were: Homeowners 84-88%, Dwelling 95-97%, and Commercial 89-93%. So, only about 15% of homeowners, 10% of business owners and 5% of dwelling owners buy EQ insurance. Why? Lots of studies and surveys have been done. Its too expensive. It doesnt pay much, especially for partial losses, because of percentage deductibles. “Itll never happen to me.” The government will take care of me. “I thought my regular insurance covered this.” And on and on.
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