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Only 10 percent of California residents have earthquake insurance. Are you one of them?
The reality is the traditional homeowners insurance policy doesn't cover earthquake damages.
The common perception about quake insurance is that it is too expensive and complicated to be deemed necessary for California residents. The California Earthquake Authority (CEA), a nonprofit earthquake provider established by the state, says those perceptions are false.
The group's chief executive, Glenn Pomeroy, said the "uninsured rate is rate is too high." Many residents believe once insured they would be "giving their money away."
However, Pomeroy says recent efforts have cut earthquake insurance rates by 50 percent. On the provider's website, residents can calculate real-time insurance premium rates.
The online calculator lets visitors input their own premiums, deductibles, and coverage of personal property to fit their budget.
Pomeroy said a large earthquake could destroy the state's housing market and cause bankruptcies.
The California Earthquake Authority has $17 billion at disposal to cover several simultaneous Northridge sized earthquakes.
