Quake Officials OK Insurance Rate Cut

A reduction in earthquake insurance rates in the 91360 ZIP Code in Thousand Oaks has received the approval of the California Earthquake Authority.

The change will affect those homeowners who pay a range of $4.50 for a newer home to $11.40 for a mobile home per $1,000 in coverage--the state’s most expensive coverage.

These homeowners will see their bills decline to a mere $1.60 for a newer home and $2.85 for a mobile home per $1,000. The new rates are the state’s fourth lowest.

There are three other rate categories within the range.

The reduction will bring the rates of homeowners who are members of the state earthquake insurance pool into line with their neighbors in such ZIP Codes as 91361 and 91362.

The rates are based on the perceived earthquake risk in a given area. Officials had questioned why residents of the 91360 ZIP Code were paying such high rates compared with their neighbors.

The rate change is still subject to the approval of the California Department of Insurance, and it will be several months before the new lower fees take effect, officials said.

Homeowners in the ZIP Code are likely to see a further reduction in rates if another proposed change in insurance premiums announced earlier this month is approved.