Earthquakes — The 10 Most Vulnerable Cities

Data from the Triple-I (Insurance Information Institute) says people in 42 states are at risk for earthquake damage. The good news is a homeowners or a business policy — as most of you know — will pay for fire damage, and fire caused by burst gas pipes and water damage from burst pipes caused by an earthquake that happen inside the home.

The bad news, however, and as most of you already know, a homeowners or business policy will not pay for structural damage caused outside of the inside.

Worse, of the millions of people in those 42 states, very few of have earthquake insurance. The good news is a growing number of people are catching on. The Triple-I said in 2020 over 23% said they purchased earthquake insurance.

That’s up from 15% in 2018.

Those purchasing earthquake insurance will see deductibles go from 2% to 20% of the replacement value of a home depending on the policy. Older homes, or brick homes, are more expensive to insure since they are prone to more damage than a wooden structure.

Most of the homes vulnerable to earthquake damage are on the West coast with homes in the PIA Western Alliance states of California and Oregon the most susceptible. In fact, of the top 10 most vulnerable cities, just two are outside of California or Oregon.

Here’s the top-10 list:

1. San Francisco, California

2. Los Angeles, California

3. Coos Bay, Oregon

4. Memphis, Tennessee

5. Oakland, California

6. Portland, Oregon

7. Ukiah, California

8. Oklahoma City, Oklahoma

9. San Bernardino, California

10. San Mateo, California

Source link: PropertyCasualty360.com — https://bit.ly/4m3uper