Insurance companies should be forced to disclose the fine print in earthquake policies, State Board of Equalization member Conway Collis said. He accused some companies of "fraudulent" marketing practices. Collis, a candidate in next year's election for state insurance commissioner, said insurers have not been telling consumers that the usual 10% deductible in most earthquake insurance policies applies to the value of the property--not the damage or the property's original cost. A spokesman for Farmers Insurance Group, one of the state' largest home insurers, said Collis' allegations were unfounded.
From Times Staff and Wire Reports
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