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A recent article in  Best's Review about new ways insurers are covering disasters such as flood and earthquake was very interesting.  Living on the New Madrid fault, earthquake insurance is very relevant.  In fact, most of our clients purchase earthquake insurance for their commercial properties and homes.  However, we find most of our competitors don't even offer earthquake on homeowners policies leaving a huge gap in coverage for a potentially devastating event.  Insurance is designed to protect you from events that are:  unforeseen, less frequent, and potentially disastrous financially such as earthquakes.  

Getting back to the article, it appears insurers are beginning to underwrite policies that are triggered by a defined parametric measure such as magnitude on Richter scale.  For example, a policy could be triggered by an Arkansas earthquake of a magnitude 6.0 or greater within a certain radius of an address in Jonesboro, AR.  If these 2 triggers occur, there would be an automatic payout within 7 to 14 days of the event regardless of damage sustained by insured.  Interestingly, the insurance company will not ask too much information about what they're insuring, as they are underwriting against the actual event occurring based on their models.


I believe these parametric trigger based earthquake polices to be an extremely viable alternative to traditional policies in the future.  It simplifies the claim process and protects the insured from a disastrous event such as an earthquake occurring somewhere within a radius of your property within the New Madrid fault.


DO YOU HAVE EARTHQUAKE INSURANE ON YOUR ARKANSAS HOME INSURANCE POLICY????  IF YOU ARE LOOKING FOR THE BEST RATES FOR EARTHQUAKE COVERAGE IN ARKANSAS CALL MFS TODAY AND GET A NO HASSLE QUOTE COVERING ANY PROPERTIES YOU OWN.

Call one of our conveniently located offices in Little Rock, Greenbrier, Forrest City, Conway, or Stuttgart today!

Posted 9:37 AM  View Comments

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