Homeowners in California are expected to pay 8 percent more for state earthquake insurance. On the other hand, insurer fees are expected to be cut by one-third. The restructuring plan for California Earthquake Authority’s finances would cut insurer contribution by $1 billion but at the same time it will increase home owner’s premium by an average of $55 on a policy of $700. The money generated will help the state pay for claims in the event of a major earthquake. To become a law early next year, the measure needs to win the legislative approval by Sept 14.
To prepare for emergencies, please consider buying a Family Preparedness Kit
Tags: Earthquake