Calif. Insurance Commissioner John Garamendi on Monday urged Californians to prepare for future emergencies, noting that the devastating Northridge earthquake, which struck twelve years ago today, left many unprepared residents in financial ruin.
He recommended that residents create or update an emergency plan to be used in the event of a disaster, such as an earthquake, fire or flood. The plan could outline an escape route, list emergency numbers, and contain other important emergency information. He also urged residents to inventory their assets, a helpful step to financial recovery when filing a claim after a major loss.
The Northridge earthquake caused more than $12.5 billion in damages, making it the second most costly natural disaster in US history. Recent storms to hit the state have caused severe damage, primarily from flooding. Much of the financial impact of that kind of damage can be mitigated by taking simple steps to protect your assets.
The Department of Insurance offers an asset inventory handbook that details how to document the assets you possess. Commissioner Garamendi also continued his call for the creation of a National Catastrophe Insurance Program, which would provide coverage for all types of disasters nationwide.
Was this article valuable?
Here are more articles you may enjoy.
California Commissioner Orders Insurance Cancelation Moratorium for 185K Residents 
Labor Market Study: 14% of Carriers Plan to Reduce Headcounts 
Debby’s Florida Claims Already Near 12,000 as Yaworsky Says Market Is Strengthening 
Viewpoint: Generative AI in Insurance Isn’t Working 
