Is earthquake insurance required in Missouri? | KSNF / KODE

JOPLIN, Mo. In 2020, the Missouri Department of Commerce and Insurance shared the Missouri Residential Earthquake Coverage report to assess earthquake insurance coverage.

“If this earthquake hits this house here, there’s a million dollars coming in,” said Randy Kraft, CEO of Kraft Insurance Services.

But, this is a great “if”.

“If there’s no earthquake coverage, you have a destroyed house, you have nothing, and now you have a loss of close to a million dollars, so there is a trade-off,” Kraft added.

This risk is a significant factor in the Missouri Residential Earthquake Coverage report. It is looking specifically at the risks involved in the New Madrid Fault that dominates southeastern Missouri.

If the fault causes an earthquake is unknown — but if it does, experts say it will cause damage and fear even in southwest Missouri.

“It happened once a few hundred years ago, and there is every possibility that it will happen again,” said Keith Stammer, Jasper County Emergency Management Director.

The state predicts that if the New Madrid fault causes an earthquake, there will be a 10% damage rate. We’ll see things like major cracks in roads, bridges, and other infrastructure damage.

This will likely come at a hefty price.

“I think the main economic impact will be transportation, at least for us. Because you’re going to lose a lot of bridges between here and St. Louis and all the bridges toward Atlanta. And the end result, I think, is our infrastructure going to suffer a lot of wear and tear, because of the massive increase in traffic. , especially on north-south roads,” Stammer said.

The report shows that less than 12% of homes in southwest Missouri have earthquake insurance — and many companies don’t offer it.

That’s something Randy Kraft of the Kraft Insurance Company hopes that at least local homeowners will consider.

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