Majority of Missourians do not have earthquake insurance
ST. LOUIS, Mo. (KMOV) - A majority of Missourians are not protected by earthquakes.
On Friday, April 30, a 2.8 magnitude-sized earthquake shook parts of St. Louis, in Peerless Park right at 141 and I-44 in the Valley Park Area. To this day, Missouri’s Department of Commerce and Insurance says protection from these quakes has hit a historic low.
According to the Department of Commerce and Insurance, the earthquake insurance coverage in the New Madrid fault dropped in 2021. That is low compared to the 2000′s percentage, which was 60%.
The earthquake on April 30 proved that it can happen at any time. The New Madrid Fault Zone, which is the largest active zone in the U.S. according to Quake Summit, has 200 earthquakes a year.
Experts believe people are backing out because prices have risen to an average of $524, which is an 816% difference compared to 2000. The New Madrid Region is famous for three major earthquakes that have been a magnitude seven or higher, which could be felt from different states like Ohio.
For information on how to buy earthquake insurance, click here.
Copyright 2022 KMOV. All rights reserved.