50,000 Washington state property owners are about to learn they aren’t in such good hands after all when the next earthquake strikes. According to a report by Seattle’s King-5 News: “Hurricane Katrina has the insurance industry re-thinking its exposure to mass disasters,” and suggests that other insurers may follow Allstate’s lead.
Right now Washington may be seen as a higher risk than Oregon due to its greater population density and higher incidence of seismic activity, but if the industry begins to grasp the true threat which Cascadia poses, more insurers are likely to follow Allstate’s lead throughout the Pacific NW, western Oregon included.
Time to start thinking about building a dome home!
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Oregon too
Allstate is now dropping earthquake insurance in Oregon and most other states too. Full article here.