Property and Casualty

Missouri Department of Insurance encourages consumers to consider buying earthquake insurance

Posted at February 24, 2014 | By : | Categories : Property and Casualty | Comments Off on Missouri Department of Insurance encourages consumers to consider buying earthquake insurance

By: Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP)

Jefferson City, Mo. – The Missouri Department of Insurance is encouraging Missourians to check with their insurance agents to see if their property is covered by earthquake insurance. Most homeowners policies do not include this coverage, which must be purchased separately.

“At a minimum, consumers need to know if their policies include earthquake coverage,” said John M. Huff, director of the Missouri Department of Insurance. “Now is the time to check. Consumers who aren’t covered are encouraged to buy this extra protection for their homes, businesses and belongings. ”

Missouri is home to the New Madrid Seismic Zone, centered in southeast Missouri and the nation’s most active earthquake zone east of the Rocky Mountains. At least three of the largest earthquakes ever recorded in the continental United States are believed to have occurred in that area from 1811 to 1812 – the largest occurred on Feb. 7, 1812.

The cost of earthquake coverage has continued to rise, however the cost is still affordable. According to 2012 statistics, if an earthquake strikes along the New Madrid Fault, nearby Mississippi, New Madrid and Pemiscot counties would be hardest hit. However, only 19 percent of homes in Pemiscot County had earthquake coverage, 26 percent in New Madrid County and 27.5 percent in Mississippi County.

The department has additional information about earthquake insurance at insurance.mo.gov/consumers/home/EQTable.php. Consumers with questions about earthquake coverage are encouraged to call the Insurance Consumer Hotline at 800-726-7390.

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department’s seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

Only securities are offered through Neidiger, Tucker, Bruner, Inc. (NTB). All other services/products are offered by Baron Financial Group, LLC, which is not affiliated with Neidiger, Tucker, Bruner, Inc. Baron Financial Group, LLC is solely responsible for the other products/services offered.