California Insurance Commissioner Dave Jones approved a statewide rate reduction of 10 percent for earthquake insurance policies issued by the California Earthquake Authority.
The reduction is effective Jan. 1, 2016.
Jones also approved additional CEA coverage options for consumers, including deductible choices.
The CEA first proposed the rate decrease last year.
When it implements the new changes CEA will expand deductible options from today’s 10 or 15 percent, to choices of: 5, 10, 15, 20, or 25 percent.
Beginning Jan. 1, 2016, CEA will also roll-out new hazard mitigation discounts ranging from 10 to 20 percent for eligible homeowners, upon verification that the house has been retrofitted in
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