Nader Assails Quake Insurance Proposal
The state earthquake insurance authority proposed by Insurance Commissioner Chuck Quackenbush would not provide real insurance at all but would be a rip-off of future earthquake victims, consumer advocate Ralph Nader told hundreds of unhappy policyholders Saturday night in Northridge.
Nader, a Green Party candidate for president, said the proposed new state agency for homeowners would offer average deductibles of $35,000, when the average damage claim for the 1994 Northridge earthquake was about $20,000.
That would mean most quake losses would go totally uncompensated, he said.
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