Gaziantep, Turkey, homeowners are shaken after the magnitude-7.8 earthquake.
A magnitude-7.8 earthquake struck Gaziantep, Turkey, near the Syrian border on Monday, February 6, 2023, at 4:17 AM Local Time. A magnitude-7.5 earthquake closely followed it in the same area at 1:24 PM Local Time.
Tens of thousands of lives are known to be lost, and the search for survivors continues. Damage is expected to be severe as homes and businesses are not built to withstand the magnitude of this earthquake. Of note, property owners in Turkey are required by law to purchase earthquake policies.While in the U.S., we didn’t experience the direct impact of this earthquake; there is a real threat here, but how many of your insureds would be without protection? The likely answer is ~90% since most homeowners do NOT know their Homeowners insurance policy won’t cover earthquake damage.
The entire West Coast is vulnerable to earthquakes, but only 10% of homeowners have earthquake insurance.
