Since homeowner’s insurance policies do not cover losses due to earthquake damages, it would be cheaper for homeowners to buy an earthquake insurance policy than paying out of pocket to repair or rebuild their home after a destructive earthquake especially after knowing these facts:
- California has nearly 250 identified faults that are responsible for more than 10,000 earthquakes a year with 3.0 magnitude or more.
- In 2008, USGA forecasters predicted a 99% chance of a 6.7 magnitude quake in California in the next 30 years.
- There is a 46% in the next 30 years of an earthquake being 7.5 or greater with Southern California the likely center.
- Northern California has a 10% chance of an earthquake at magnitude 8 to 9 in the next 30 years.
So don’t take chances, Be prepared.