A Croatian resident of California under an earthquake insurance policy in the United States of America

1994 Northridge earthquake, California. Photo by FEMA / Wikipedia / Public Domain

January 5, 2021 – With 85% of Croatian homes uninsured against earthquake damage, what is the earthquake insurance policy for other high-risk regions? A Croatian citizen from California.

One of the many things we learned in the aftermath of the 2020 devastating earthquakes in Croatia is how few people have an earthquake insurance policy. Industry experts estimate the figure to be around 85% of homes without an earthquake insurance policy in Croatia. As we saw yesterday in 85% of Croatian real estate not covered by earthquakes, an insurance expert speaks, out of 100 billion Kona earthquake damage for 2020, only 237.5 million Kuna were paid in November, or 0.2375%.

One of the responses I received for the article was from a Croatian now retired here, but has lived most of his life in California, an area known for its earthquakes. Here’s what he sent me on about how a California earthquake insurance policy works.

California insisted that in order to operate in the state, the insurance company must provide (as an option) earthquake coverage. After Loma Prieta and especially Northridge, companies are pulling out of California instead of selling earthquake coverage. The crisis was solved by creating a state-backed fund and providing insurance, which was sold through insurance companies.

But it was too expensive. It was limited in that it provided only 75% coverage and only if it took a heavy toll, tens of thousands of dollars. Worst of all, if a major earthquake occurred and the fund ran out, policyholders who were not affected would be required to pay more into the fund. Coverage has fallen unexpectedly to negligible levels.

Time passed, more time passed and there were no damaging earthquakes. Ultimately, insurers ’pursuit of more income prompted some of them to return to the market. But it is still very expensive. Regarding conditions, there were no special requirements for an earthquake to be a specific strength. It must have been an earthquake – subsidence, landslides and the like, which were not caused by the earthquake, were not covered. We decided it wasn’t worth the price, because it was going to double our cost. In 23 years we’ve probably saved more than $ 30,000, but yes we were taking the risk. Oh, and we had to sign a little paper every time we renewed that earthquake insurance was offered to us and we rejected it.

Another thing unique to CA (maybe in other US states as well) is that your mortgage was something you could walk away from, leaving the property to the mortgage holder. Unlike any other loan, the difference in value cannot haunt you, even if the property is destroyed.

The CA also had a state insurance commissioner whose job was to make sure the companies acted. He had real teeth and used them

This is an issue that we will continue to monitor at TCN. If you have anything to contribute, please contact us at this email address is protected from spam bots. You need JavaScript enabled to view it. Subject of insurance

For the latest news from the Tringa earthquake, visit the dedicated TCN section.

If you want to donate to earthquake relief efforts, my recommendation is the Glass Podozetnica (Entrepreneur Voice) Fund – full details here.

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