Earthquake insurance rates just dropped 22% statewide. For those who don’t have coverage — most of us — it might be time to consider it.
Earthquake insurance: Most California homeowners don’t have it, but Bill Saake wouldn’t think of going without it.
After the 1994 Northridge quake damaged his Chatsworth house beyond repair, his Allstate policy paid to rebuild. But Allstate, like many other insurers, no longer offers earthquake insurance in California, so Saake pays around $1,700 a year for coverage on his four-bedroom, three-bathroom home from the California Earthquake Authority, a privately funded, state-run insurance pool.