A Quake Like Loma Prieta Can Drain Your Financial Future

Loma Prieta Earthquake

California Homeowners are not prepared for the next big earthquake.

As the water drains from Hurricane Ian, many Florida homeowners must now watch their financial security spiral down the drain. Over 82% of Florida homeowners do not have flood insurance and will have to depend upon their savings and limited federal assistance to rebuild after a devastating flood.

California experiences 90% of the nation’s earthquakes.

It has the highest amount of property damage due to earthquakes in the U.S., yet only 10% of homeowners have earthquake insurance in California. If you own a home in California but think you live in a low-risk area, look at this earthquake hazard map, and think again.

Your Homeowners insurance claim will be denied after an earthquake.

A standard Homeowners insurance policy does not cover earthquake damage. But, when a major earthquake hits, most homeowners will contact their Homeowners insurance company to report damage. Like Florida homeowners with no flood insurance, they will be devastated to find they have no coverage for earthquake damage.

The Loma Prieta Earthquake anniversary reminds California homeowners to check insurance.

This October 17 marks 33 years since the mighty San Andreas fault system slipped along the Central Coast at 5:04 PM in 1989, causing a 6.9 magnitude earthquake. Named after a nearby peak in the Santa Cruz mountains, the destruction from the Loma Prieta earthquake killed 67 people and injured 3,757.

How Loma Prieta Earthquake devastated homeowners:

This quake was centered in a sparsely populated region, and still over 1000 homes were destroyed, and over 23,000 homes were damaged. Thousands of residents were displaced. And, most homeowners did not have Earthquake insurance. Imagine the number of homeowners that will be displaced when a major quake is centered in an urban area like San Francisco or the Bay Area. Damage from the mainshock could displace over 150,000 households.

What happened to homeowners that did not have Earthquake insurance?

Some homeowners relied on donations and volunteer organizations to get by. Some homeowners received grants, after a lot of frustration and paperwork.

The grants were small and only covered some emergency repairs and expenses.  It soon became apparent that federal assistance is not enough to get homeowners back on their feet quickly. So, others relied on private or government loans that had to be repaid with interest.

How did Earthquake Insurance help Homeowners recover fast?

After the damage settled from the Loma Prieta earthquake, it was evident that homeowners with earthquake insurance avoided many delays and other problems financing their recovery. These homeowners were most successful in getting damaged structures demolished, reconstructed, or repaired and contents replaced. With insurance money ready, it was easy to hire quality contractors. In addition, homeowners with Earthquake insurance were able to get housing and living expenses paid while their home was rebuilt.

Why should you get Earthquake insurance now?

The Loma Prieta earthquake was a clear and powerful warning to homeowners in California. Fortunately, it was centered in a sparsely populated region outside a major urban area; had its center been within an urban area, the consequences would have been much greater. As devastating as Loma Prieta was, a magnitude 7.0 earthquake on the Hayward Fault could displace almost half a million people and could be the costliest disaster in California history.

Who can you trust when disaster strikes?

You can trust GeoVera. When it comes to rebuilding homes after a natural disaster, GeoVera is the proven leader. We are among the highest rated, most user-friendly, providers of residential insurance in catastrophe-exposed areas.

GeoVera’s smart earthquake insurance for homeowners will cover your dwelling, plus you can get coverage for your other structures, your contents, loss assessment, loss of use and more.

Why Choose GeoVera Earthquake Insurance?

GeoVera is California’s longest-tenured earthquake insurance provider and has the most advanced, mobile-friendly tools for policy management and claims reporting. GeoVera is the highest rated stand-alone earthquake insurance provider in California, rated “A” (Excellent) by A.M. Best Company.

A.M. Best reaffirms “A” (Excellent)

Most importantly, GeoVera has the best catastrophe claims team in the industry. Our claims professionals work relentlessly to help our customers rebuild quickly in their greatest time of need. 

We are experts at managing massive catastrophe losses during natural disasters. You’ll want GeoVera on your side when the next quake strikes.

Ask your insurance agent for a quote today, or visit GeoVera. 

With our broad range of deductibles and convenient payment plans, you will find a price you can afford. 

Send Us A Message

Blog Contact Form

"*" indicates required fields

The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.