Allstate Insurance company will no longer be underwriting houses effective in July. No changes will occur for existing customers. The move is supposedly to "limit its exposure to catastrophe" such as earthquakes. Allstate has also trimmed coastal exposure in other states that are prone to natural catastrophes. Allstate has also stopped writing new homeowners policies in Connecticut, Delaware, Florida and New Jersey as well as in eight coastal New York counties. Source: CBS5.com.
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Press Releases
New Study Shows Odds High for Big California Quakes
Released: 4/14/2008 12:02:15 PM
California has more than a 99% chance of having a magnitude 6.7 or larger earthquake within the next 30 years, according scientists using a new model to determine the probability of big quakes.
The likelihood of a major quake of magnitude 7.5 or greater in the next 30 years is 46%-and such a quake is most likely to occur in the southern half of the state.
[Editor] At Left: Figure 1. The colors on this California map represent the UCERF probabilities of having a nearby earthquake rupture (within 3 or 4 miles) of magnitude 6.7 or larger in the next 30 years. As shown in the table, the chance of having such an event somewhere in California exceeds 99%. The 30-year probability of an even more powerful quake of magnitude 7.5 or larger is about 46%. [/Editor]
