Quake Insurance Rate to Be Cut in 1 Area

The California Earthquake Authority plans to reduce earthquake insurance rates for residents in a Thousand Oaks ZIP Code area who had been paying 2 1/2 times the rate paid by some of their neighbors, officials announced Friday.

The authority had developed a system of earthquake insurance rates that had residents in the 91360 ZIP Code area paying from $4.50 to $5.70 per $1,000 of coverage, while their neighbors just across the Ventura Freeway and California 23 paid only $1.70 to $2.20. Residents in the 91360 ZIP Code will now pay the lower rate.

“The rates for Thousand Oaks residents in this area were some of the highest in the state and made it a virtual island compared to surrounding areas like Moorpark and Newbury Park,” said Assemblyman Nao Takasugi, who lobbied on the residents’ behalf after Supervisor Frank Schillo brought the inequity to his attention.

“This modification will bring the rates in line with what they should have been all along.”

But it will be months before the change will take place, and homeowners will not see a refund until early next year, said Mark Leonard, spokesman for the California Earthquake Authority.

An official vote affirming the plan is expected in about 10 days. The new rates must then be approved by the Department of Insurance.

Leonard said the higher rates had been based on inaccurate soil test data from the U.S. Geological Survey.

“It saves a lot of money for the people in 91360,” said Schillo, who had civil engineers and geologists gather evidence to prove that the soil data was inaccurate.