Local need for earthquake insurance grows over time

What is it with all the earthquakes lately? First there was the devastating quake in Turkey with estimated costs exceeding $20 billion and loss of life estimated at upwards of 20,000 people. Then the quake in Greece, the strongest to hit Athens in nearly a century. The Turkey quake was rated at 7.4 and the Greece quake at 5.9 on the Richter scale in magnitude.

Consider Missouri's own New Madrid Fault, extending 120 miles from Charleston, Mo., through New Madrid to Marked Tree, Ark. This fault is active and averaging more than 200 measured events per year. The highest earthquake risk in the United States outside the West Coast is along the New Madrid Fault, but we really don't think about it much. I've started thinking about it.

Most people don't realize that earthquake damage is not covered under the standard insurance contract. In Turkey, it's estimated that out of $20 billion in damage, $2 billion will be covered by insurance contracts, leaving 90 percent, or $18 billion, uninsured.

Many Missourians are currently uninsured and don't even realize it, Coverage is available in southwest Missouri, but it may be more difficult to obtain the closer one is to the fault on the eastern side of the state.

Although damaging tremors in Missouri are not as frequent as in California, when they do occur, the destruction covers more than 20 times the area because of the underlying geology. A damaging earthquake in the area (6 on the Richter scale or greater) occurs about every 80 years, the last one being in 1895. There is a 50 percent chance of such a quake by the year 2000.

A major earthquake in the area (7.5 or greater) happens every 200 to 300 years, the last one being in 1812. There is a 25 percent chance of such a quake by 2040. Missouri could anticipate losses of at least $6 billion from such an event.

Education, planning, proper building construction and preparedness are proven means to minimize earthquake losses, deaths and injuries. San Francisco and Turkey have both recently experienced 6 to 7.4 magnitude quakes. San Francisco was prepared, Turkey was not.

San Francisco suffered 67 deaths and less than $7 billion in property damage