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Quake Insurance Rates To Be Calculated Differently

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Apr 14, 2008 11:31 am US/Pacific

Quake Insurance Rates To Be Calculated Differently

  Earthquake insurance rates will no longer be differentiated by homes in Southern and Northern California, the California Earthquake Authority announced Monday.

The Uniform California Earthquake Rupture Forecast model will better calculate seismic hazards throughout the state, CEA officials said.

"Having uniform science available when determining earthquake rates represents real progress," according to the California Earthquake Authority's CEO, Glenn Pomeroy. "It allows us to more accurately price our product for the consumer."

The Authority will review insurance rates this summer.

"To be clear, the actual hazard hasn't changed. What has changed is our understanding of earthquake risk, and this understanding will be reflected in future insurance rates," Pomeroy said.

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