Earthquake insurance take-up rates remain low in California, with only about 11% of homeowners buying coverage and just under 10% of commercial building covered, according to Morgan Stanley. (Photo: Shutterstock)
Over the Fourth of July holiday weekend, a series of earthquakes hit near the southern California town of Ridgecrest, approximately 150 miles south of Los Angeles.
CNN reported the 6.4-magnitude earthquake on Thursday and 7.1 earthquake on Friday led to gas leaks, building fires and water main breaks. While the damage caused was relatively minimal due to the area's sparse population, the state remains on high alert, remarked Morgan Stanley in a press release, as officials warn a 27% chance of a magnitude 6 or higher earthquake occurring again within the next week.
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Heather A. Turner
Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].
