East Coast quake leads to less than $100 million in losses
The 5.8-magnitude earthquake on the East Coast that's been described as once in a lifetime led to insured losses that were relatively insignificant, comparatively speaking, a new report asserts.
According to catastrophe modeling company Eqecat, the quake that originated in Louisa County, Virginia, caused less than $100 million in damage.
Though the temblor was one of the strongest the Eastern seaboard has experienced in years, the report states the magnitude of the earthquake kept losses from being more significant. Had it measured just a magnitude higher, insured losses would likely have been 20 times higher.
The earthquake was felt not only along the Atlantic coast, but also well inland. The U.S. Geological Survey says the topography of the eastern half of the United States allows tremors to be felt over a much wider area than on the West Coast.
One of the world's costliest earthquakes took place in 1994 in California, as losses totaled more than $15 billion, according to reinsurance company Munich Re.
In order to be financially protected from an earthquake, property owners need to obtain earthquake insurance, which is an optional supplement to homeowners insurance.
Related Home Insurance Articles:
- Homes destroyed by Nevada wildfire May 23, 2012
- Researchers hope to better understand tornado damage May 22, 2012
- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
