Missouri official says earthquake insurance ‘critical’
JEFFERSON CITY, Mo. (AP) – The value of Missouri residences without insurance for earthquakes has almost exceeded the value of those with insurance.
An insurance official this past week said insured houses totaled $101 billion in 2014. Properties uninsured for an earthquake of 7-7.9 magnitude totaled $100 billion in value.
Market Regulation Division Director Angela Nelson says Missouri is at a “critical juncture.”
More than 560,000 residences aren’t covered in counties with the highest vulnerability to earthquakes.
The state insurance department says as many as 80 percent of homes are uninsured in some counties with the highest risk of earthquake damage.
The U.S. Geological Survey estimates the probability of at least a 7.5 magnitude earthquake in the next 50 years is 7-10 percent. The chance of an earthquake stronger than magnitude 6 is 25-40 percent.