VA bill would require earthquake insurance notification
Following a powerful earthquake last August, a pair of Virginia lawmakers have proposed new legislation which would mandate homeowners insurance companies in the state be clearer regarding coverage for earthquakes.
The legislation, introduced on behalf of Virginia Governor Bob McDonnell, would require insurers to notify consumers if their homeowners insurance policy did not include earthquake protection - as is the case with most standard policies.
"While we are not mandating insurance companies cover losses beyond their defined policy benefits, it should be common sense that homeowners should understand the risks facing them and have clear expectations about what their policies cover and what coverage they might be able to purchase to mitigate risks," Jeff Caldwell, a spokesman for McDonnell, told the Richmond Times Dispatch.
The paper says that at the end of last month, nearly 6,000 homeowners had reported damage from the quake. However, fewer than 350 had earthquake insurance in place.
Some residents are just now receiving access to assistance to help recover from the disaster. The state announced last week that home and business owners in Albemarle and King George counties are eligible for financial aid.
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