If the Big Apple Crumbled

New York City is not prepared for an earthquake, if preparedness can be measured by home or business property insurance against earthquakes.

The New York City Insurance Department has noted in a press release that several small quakes in 2001, with a magnitude 2.4 earthquake, were reportedly caused by a fault under 125th Street. Once every century, magnitude 5 earthquakes occur in New York. The one in 1884 toppled chimneys and its shock was felt from Virginia to Maine.

According to the New York City Area Consortium for Earthquake Loss Mitigation, even a moderate earthquake in such a densely populated city could cause deaths and significantly impact the economy.

The department said that earthquake insurance accounted for only $15 million of the total $3.9 billion in premiums written by property and casualty homeowners’ insurers in the state in 2007.

To read the full press release, please click here:
http://www.property-casualty.com/News/2010/2/Pages/New-York-Regulator-Warns-Of-NYC-Quake-Danger.aspx