The Missouri Division of Commerce and Insurance coverage (DCI) issued an Earthquake Survey in December 2023 that exhibits a lack of information about danger and insurance coverage protection is an issue, whereas the fee and lack of obtainable earthquake insurance coverage protection in high-risk areas of the state continues to be the first problem.
The Earthquake Insurance coverage Market Report supplies annual perception into the standing of earthquake insurance coverage protection in Missouri. The DCI continues to work on educating Missourians about earthquake danger and their insurance coverage protection choices in preparation for restoration following a large-scale New Madrid Seismic Zone (NMSZ) earthquake.
Survey information confirmed that houses within the excessive earthquake danger space of the NMSZ within the southeastern a part of Missouri have considerably greater prices and a diminished variety of insurance coverage choices than the remainder of the state:
- For a $200,000 ranch model, 2,500-square-foot residence with a composite shingle roof, the common premium for Caruthersville is considerably better than the remainder of the state, with a median premium of $2,134 vs. St. Louis at $398 and Kansas Metropolis at $206.
- In 2024, the common premium for a $200,000 ranch model, 2,500-square-foot residence with a composite shingle roof in Caruthersville rose almost 7% in contrast with 2023.
- There have been fewer choices for Caruthersville, as corporations providing insurance coverage for brand spanking new prospects decreased by almost 20% since 2022.
- The variety of corporations writing protection for masonry houses stays low, with solely 45% of carriers protecting it. Common premiums ($200,000 ranch model, 2,500 sq. foot residence with a composite shingle roof) for masonry and masonry veneer houses are almost 45% greater in Caruthersville than frame-only houses.
The New Madrid Seismic Zone is the probably the most energetic seismic areas within the U.S. averaging 200 earthquakes per yr.
Earthquake uptake in Missouri has been dropping for a while. An Earthquake Insurance coverage Market Report from the DCI in 2021 confirmed protection within the six-county New Madrid area of the state, the share of residences with earthquake protection declined by 47% between 2000 and 2020, from 60.2% to 12.7%.
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Subjects
Disaster
Pure Disasters
Missouri
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