With an economic downturn and lockdown due to Covid- 19 it seemed like the perfect time to heap on more “doom and gloom” so how about a little reminder about the “big one”. The US geological survey estimates there’s a 99% chance of another Northridge size quake occurring in California within the next 30 years I’m no statistician but 99% sounds a bit like some high probability. If it’s going happen, my vote is in Year 29 or 30 but in case it should happen sooner there’s some basic things we should all be doing.
I would encourage all to at least think about buying earthquake coverage. In full disclosure, I do not personally buy earthquake coverage for my home because frankly I think the high deductible requirement and annual premium is a bit of a rip off- Oh sorry, I mean doesn’t quite make sense. However, my home is not worth multiple millions like many businesses with significant assets. With this in mind, I would at least encourage you to explore the cost of adding earthquake coverage for your business.
From a personal perspective, it would be wise to make efforts to store fresh water, food, candles and some cash including smaller denominations. I also think it would make sense to make arrangements on how our families can connect/ rendezvous in the event of a large quake with significant infrastructure damage.
At the end of the day, at least we aren’t in Kansas because I would really hate to come home and see my house on top of the neighborhood witch.
Let our team know if we can assist with anything.
Chris is the CEO of The Brokerage and an insurance geek for over 30 years.