With the backdrop of the devastation in Haiti fresh in people’s minds, New York insurance regulators are not ruling out a similar event in their own state, a key reason they say insurers should promote the opportunity to buy coverage for such a devastating occurrence.
The New York State Insurance Department recently said that in terms of having a home or business property insured against earthquakes, the state “is probably not prepared,” noting that earthquake insurance accounted for $15 million of the $3.9 billion in total premiums written by property-casualty insurers in 2007. In 2008, the NYSID noted, the amount of earthquake policy premiums remained essentially the same.
James J. Wrynn
“Many people are probably unaware that standard homeowners’, renters and business insurance policies specifically exclude covering damage caused by earthquakes,” said New York Insurance Superintendent James J. Wrynn in a statement. “Coverage can be obtained, but it usually needs to be purchased as a separate policy or as an endorsement to an existing homeowners’ policy.”
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