The earthquake and fire that devastated San Francisco on April 18, 1906 was one of the most significant natural disasters in the United States, as well as in the history of insurance. It produced insured losses of $235 million at the time, equivalent to $4.9 billion in 2005 dollars. In 1906, just as today, shake damage from earthquakes was excluded from standard property insurance policies. Damage from the fire which followed the earthquake was covered and constituted the vast majority of insured losses.