FROM THE NEWSROOM: Members of the Department of Emergency Services and Public Protection, FEMA, American Red Cross, United Way and other state agencies will meet this morning for a briefing on the earthquakes that have rattled the greater Plainfield area over the last week. The multi-agency briefing comes ahead of a public informational hearing on the earthquake activity in Eastern Conn. tonight at Plainfield High School at 6:30. The sudden swarm of earthquakes has led some to wonder about purchasing an earthquake rider for their home owners insurance policies. Asked whether insurance companies are likely to put a “hold” on offering earthquake insurance because of the steady seismic activity in the region, the Director of Consumer Affairs for the State Insurance Department Gerard OSullivan says: “The insurance companies could, but none of them have told us that theyve done so so far...its an issue where we want to make sure people understand the coverage that they are purchasing. These tremors are minor [as is the damage so far].” He says the state department is not aware of any claims at this time. Even if one purchases coverage, OSullivan says they should know what theyre buying. “Poeople want to make sure they understand, under these earthquake policies that the deductibles can be quite significant,” he says. “If you have a policy that has a ten percent deductible and your home is worth $200,000, or costs $200,000 to replace, the deductible is going to be $20,000.” By comparison, OSullivan says a standard homeowners policy is $500 to $1,000. Tune in for the full report.
Posted on: Fri, 16 Jan 2015 11:27:29 +0000
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