Political Quotes

“I rise today to reintroduce the Earthquake Insurance Affordability Act. This bill will help families and communities quickly recover after major earthquakes by encouraging local investment in mitigation and insurance coverage. You see, in California, the State with the greatest exposure to earthquake damage, only about 1 in 10 homeowners has insurance to pay for earthquake damage. Other States, including Washington, Oregon, Alaska, Tennessee, Missouri and Arkansas, also have significant earthquake risks and low rates of earthquake insurance. Insurance coverage rates are so low that many believe it has now become a national crisis. Because when homes aren't structurally sound, and insurance is lacking, local earthquake recovery costs quickly become America's costs. The math is simple: less insurance means more Federal spending after a disaster. For example, the August 2011 Virginia earthquake was devastating to homeowners in and around Spotsylvania County. Most of those homeowners did not have an insurance policy that covered earthquake damage. Mr. Cantor, the House Majority Leader, summed it up: ``Obviously the problem is most people in Virginia don't have earthquake insurance. That is going to be a hardship. If there needs to be money from the Federal Government, we'll find the money.'' Congress did ultimately find that money. A Federal disaster declaration was made, and homeowners received more than $16 million to cover uninsured losses.…”