California Earthquake Authority raises insurance rates by 6.8%

Other options are still available to California homeowners.

SAN DIEGO – The California Earthquake Authority, California's largest earthquake insurer, plans to raise interest rates at the beginning of next year by an average of 6.8%.

“Some people will get a reduction, some people will get 12%, who knows? It just depends. “That's the state average,” said Carl Sussman, an insurance broker and owner of the independent agency.

Considering the damage caused by the 1994 Northridge earthquake, it is surprising that only about 13% of California homeowners have earthquake insurance.

The reason for the rate increase is higher construction costs, Sussman said.

“The cost of rebuilding homes goes up every year, not just because of inflation, but it has gone up significantly since 2020,” Sussman said.

The good news is that homeowners can still get earthquake insurance in California from a number of different carriers, unlike wildfire insurance, which is difficult to find right now.

“If your rate (increase) comes from the California Earthquake Commission and you think it's too high, you can definitely shop around. You can also look to change your deductible on the policy to save some money,” Sussman said.

The California Earthquake Commission offers discounts on your home rehabilitation rates if your home was built before 1980, is wood-framed, and is placed on a raised foundation. Discounts are also available on retrofitted and retrofitted mobile homes if they have an earthquake-resistant bracing system and a certified foundation.

Homeowners also have the option of dropping earthquake insurance altogether.

“It always surprises me because we definitely have earthquakes here. At this point, they don't mandate earthquake insurance on most loans that I know of,” Sussman said.

Before you drop your earthquake insurance, shop around, Sussman said. You will be surprised by the options available.

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