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Virginia Politics
Posted at 11:40 AM ET, 02/13/2012

General Assembly passes bill requiring insurance companies to notify homeowners of earthquake coverage

The House of Delegates unanimously passed a bill Monday morning that requires insurance companies that exclude coverage for earthquake damage to provide written notice of that and notify property owners that the insurance may be available for additional cost.

The bill comes after a forceful earthquake in Louisa County in August left many home and business owners realizing for the first time that they would not be covered.

Owners are still trying to clean up after the 5.8-magnitude earthquake, which rocked the East Coast from Georgia to Ontario.

EQECAT, a California-based firm that helps insurance companies determine catastrophe risks, told The Post at the time that only 5 percent of East Coast property owners have earthquake coverage.

At the end of January, nearly 6,000 Virginia homeowners from nine localities had reported damage to the Federal Emergency Management Agency.

The Senate had passed its version earlier a vote of 32 to 6. The bills were introduced on behalf of Gov. Bob McDonnell (R), and will be sent to him for his signature.

By  |  11:40 AM ET, 02/13/2012

 
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