Earthquake insurance can be a powerful tool for speeding and strengthening recovery after an earthquake, yet data show that uptake of residential earthquake insurance in the U.S. is low. So what’s driving this earthquake insurance gap? Can anything be done to help increase the number of insured households in earthquake country?
On March 28, CREW and our central-U.S. partner CUSEC will be hosting a national forum to take a closer look at earthquake insurance, paying particular attention to the issues and challenges that have so far limited its role in financial preparedness. This free one-day event is an opportunity for emergency managers and insurance professionals to discuss the potential role of insurance in post-earthquake recovery and to learn more about research and messaging tools that they can use in their earthquake education and outreach programs.
Earthquakes can be emotionally and financially draining. Share FEMA’s new fact sheet with your network to help raise awareness and get people thinking about the steps they can take now to reduce their financial risk from earthquakes.
The fact sheet was developed by FEMA and its partners Jumpstart and United Policy Holders. It’s the first of several items in a Financial Resilience Tool Kit under development. These materials will help people build financial resilience to earthquakes and other natural disasters and make their communities more resilient places to live.
Earthquake insurance is a key component of financial resilience and can help people recover faster and more fully. Standard homeowners’ policies don’t cover earthquake damage, so a core part of the message is to consider purchasing earthquake insurance. While total-loss coverage offers the most financial protection, partial coverage—such as parametric earthquake insurance—is better than none. Savings and income can also help fill gaps immediately after an event.