(wire)
I.I.I.: Haiti earthquake a reminder for U.S.
The recent catastrophic earthquake in Haiti serves as a reminder that the United States is vulnerable to the same type of event and is currently underinsured, according to the Insurance Information Institute (I.I.I.).
The Institute recently noted that the potential cost of earthquakes to the U.S. has been rising due to urban development in areas susceptible to seismic activity. In addition, many older buildings were not build to current building codes, or have not been upgrade.
Meanwhile, the majority of homeowners living in earthquake areas do not have earthquake insurance. For example, just 12 percent of homeowners in California currently have earthquake coverage.
California remains the U.S. state most at risk of a major earthquake, with a large earthquake likely to occur in Southern California within the next 30 years, according to a study by the 2008 U.S. Geological Survey, Southern California Earthquake Center and California Geological Survey.
The Institute recently noted that the potential cost of earthquakes to the U.S. has been rising due to urban development in areas susceptible to seismic activity. In addition, many older buildings were not build to current building codes, or have not been upgrade.
Meanwhile, the majority of homeowners living in earthquake areas do not have earthquake insurance. For example, just 12 percent of homeowners in California currently have earthquake coverage.
California remains the U.S. state most at risk of a major earthquake, with a large earthquake likely to occur in Southern California within the next 30 years, according to a study by the 2008 U.S. Geological Survey, Southern California Earthquake Center and California Geological Survey.
