Property Casualty Insurers Association of America Property Casualty Insurers Association of America
  • Staff Contact: Nicole Mahrt-Ganley     
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  • FOR RELEASE ON RECEIPT
  • September 22, 2017
  • Deadly Earthquake in Mexico is Wake Up Call for US Residents: Insurance Experts Available
  • Reducing the potential for property damage and having earthquake insurance are key to preparedness

    SACRAMENTO, Calif. — As stories of heroic rescues and tragic losses emerge from a series of deadly and destructive earthquakes near Mexico City, residents in the United States are reminded of their own vulnerability to natural disasters. With millions of people across the U.S. at high risk from earthquakes, the Property Casualty Insurers Association of America (PCI) says it’s time for everyone to reconsider their earthquake risk and the need for preparation as no one knows when or where the next quake will hit. 

     

    Story Ideas on Earthquake Preparedness – Insurance experts are available to talk about how to prepare your family and your finances.  Contact Nicole Ganley at 916-616-5855 or nicole.ganley@pciaa.net  to set up an interview with our insurance experts around the country to learn the key steps to preparing for an earthquake.

     

    Many States Have Earthquake Risk: California is not the only state living in earthquake country. Earthquakes have occurred from Alaska to New York. In 2011, Oklahoma experienced its largest quake in the state’s history and Virginia was struck by a 5.8 magnitude earthquake with shaking recorded all along the Appalachians, from Georgia to New England and as far west as Illinois. The New Madrid Seismic Zone includes southeastern Missouri, southern Illinois, western Kentucky, western Tennessee and northeastern Arkansas. So, residents in many state across the US need to plan and prepare for their risk of earthquakes.

     

    Homeowners Insurance Does NOT Cover Earthquakes: Homeowners need to be reminded that earthquake damage is not covered by a standard homeowners insurance policy.  Unfortunately, the maximum grant of $33,300 in federal disaster assistance does not begin to provide enough to fully repair damaged homes. Earthquake insurance—which needs to be purchased as a separate policy—provides the peace of mind that you would be able to recover from a major earthquake. This can be purchased as a separate policy or rider from an insurance company or in California through the California Earthquake Authority.

     

    More Options for Insurance are Available: The California Earthquake Authority recently expanded insurance policy offerings and now offers a greater range of deductibles and premium discounts giving California homeowners and renters more options to financially prepare for a major quake. Private insurers also offer earthquake insurance to homeowners, renters and businesses.

    The Great Shake Out is October 19, 2017: A major earthquake drill is coming soon, so there is no time like the present to sign up and participate.  The Great Shake Out will be held on October 19, 2017 at 10:19 a.m.  Schools, businesses and individuals will hold massive earthquake drills. Get ready to Drop, Cover and Hold on

    Learn More:

    Seven Steps to Earthquake Safety

  • PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $216 billion in annual premium, 36 percent of the nation's property casualty insurance. Member companies write 43 percent of the U.S. automobile insurance market, 29 percent of the homeowners market, 34 percent of the commercial property and liability market and 36 percent of the private workers compensation market.
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