Despite living in the state with the greatest risk of earthquake, the number of California homeowners with coverage against such an event has decreased from 30 percent in 1996 to about 12 percent today, the Insurance Information Institute reported.
“Our sense is that the passage of time has created a situation where people don't see the need,” according to Mike Barry, a spokesman for Institute. “It has been 14 years since the last big California earthquake.”
The 1994 Northridge earthquake and the 1989 quake that struck the Oakland-San Francisco area are the two most costly earthquake events in U.S. history, as defined by insured losses, the Institute said.
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