An article written by the Insurance Journal, California Insurance Commissioner Dave Jones has just approved a rate reduction of up to 10% for earthquake insurance policies issued by the CEA. This rate reduction should be reflected in policies that renew after January 1, 2016. In addition, new deductible options will become available ranging from 5% up to 25% and coverage enhancements on personal property and loss of use or additional living expenses.
As an FYI, the California Earthquake Authority or CEA for short has around 865,000 policyholders in California. They estimate that they issue around 75% of all residential earthquake policies purchased in California.
