California Insurance Commissioner Calls for More Earthquake Insurance Options
Monday, April 21, 2008
California's Insurance Commissioner says it's time for more options for earthquake insurance. The call comes on the heels of a study that found the next "big one" is pretty much guaranteed within 30 years. From Sacramento, Marianne Russ reports.
I nsurance Commissioner Steve Poizner says eleven percent of California homeowners have earthquake insurance - down from 30 percent a decade ago.
Poizner: You know, I continue, honestly to lose sleep at night about, you know, worrying about the next earthquake.
Poizner says the cost of coverage and the high deductibles for plans offered by the California Earthquake Authority are a deterrent. He wants to create a blue ribbon commission to come up with recommendations for more affordable policies the Authority could offer.
Poizner says it's critical that more people get covered:
Poizner: When the next big one hits - and we know it's coming - you know, lots of people are going to be hurt. Now if people think the state government or the federal government is going to bail them out, they should think again.
Poizner hopes to put the commission together by the summer.
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