California Earthquake Authority surpasses 1 million policies

*CEA policies in force since 2006

CEA’s policy gains in September and October—as Californians were learning about damage from hurricanes in the Atlantic, earthquakes in Mexico and massive fires in California—were CEA’s biggest monthly gains ever.

The California Earthquake Authority (CEA) announced at its quarterly Governing Board meeting that, as of today, CEA insures more than 1 million residences across California.

“We’ve been tracking our policy count closely as we’ve been approaching this milestone,” said CEA CEO Glenn Pomeroy. “And today we are proud to announce that more than 1 million California households have placed their confidence in CEA. That’s over a million homeowners, renters––and their families––who now can count on our great financial strength to help them recover from costly, potentially catastrophic earthquake damage.”

CEA arrived at the million-policy milestone after unprecedented sales of CEA earthquake insurance policies in 2016 and 2017. CEA’s average annual policy growth between 2005 and 2015 was about 6,700 policies.* But in 2016, CEA added more than 52,000 policies. And to date this year, CEA is up more than 75,000 policies, bringing its total policy count to 1,006,927—the highest in CEA’s history.

“There are many reasons for this dramatic increase in CEA policy purchases,” said Pomeroy. “In 2016 we rolled out more coverage choices, more deductible options and more affordable rates, and many homeowners are pleasantly surprised to discover how flexible and affordable earthquake insurance has become. We also believe that Californians are listening carefully to what scientists are now telling us about earthquake risk––and then buying a CEA policy, to help with what otherwise could be a big financial loss from a damaging earthquake.”

“There’s a lot to be said about the peace of mind that comes with knowing you’ve taken steps to prepare for and recover from disasters no matter where you live. We’ve learned a lot from previous disasters in California, and one of the most important lessons is ensuring you having a family disaster plan and adequate insurance coverage to enable a complete recovery,” said Mark Ghilarducci,…

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