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Few Missouri Homes Insured Against Earthquakes Amid Rising Costs

 


Columbia, Mo. (AP) — The percentage of homes with earthquake insurance in the most vulnerable areas of Missouri has reached a historic low amid rising costs of coverage.

Only 12.7% of homes in the New Madrid Fault Zone were insured as of last year, according to a survey of insurers released by the Missouri Department of Commerce and Insurance this week.

In 2000, more than 60% of homes in the area were insured against earthquakes.

The New Madrid Fault extends from northeastern Arkansas to southeastern Missouri. Earthquakes can occur from the fault line in cities like St. Louis and Little Rock, Arkansas, according to the Missouri Department of Natural Resources.

The Missouri Geological Survey said mild earthquakes in southeastern Missouri are not unusual and that at least four earthquakes of magnitude 4.5 or greater have occurred in the New Madrid Seismic Zone since 1974. Hundreds of weaker earthquakes between magnitudes 2.0 and 3.9 have been recorded. degree there since. 2000.

The Missouri Department of Insurance blamed the decline in partially insured homes on higher prices and higher discounts.

Earthquake insurance costs are up 760% compared to 2000, and many insurance companies only offer coverage at a 25% discount on the value of homes insured.

The cost of earthquake insurance is “extremely prohibitive” and some insurance companies have pulled out of the area altogether, Clara Lindley Myers, director of the Missouri Department of Commerce and Insurance, said in a statement.

“We are very concerned about the state of Missouri’s earthquake insurance,” Lindley Myers said.

She said the decline in earthquake insurance extends to several states and will require a multi-state effort to solve the problem. Missouri is hosting a conference on the issue in September.

The scope of the problem in neighboring countries is unclear.

A spokeswoman for the Arkansas Insurance Agency said the state does not collect earthquake insurance data by zip code. Jennifer Bruce said the department is considering expanding its data collection.

Kentucky also does not require insurance companies to provide data on the number of earthquake-insured homes by county.

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