California Wine Country Loses Billions Due to Earthquake Property Damage, Spotlights Tiburon Earthquake Insurance

Posted on: November 4, 2014 | By: Michael T. | earthquake insurance, Tiburon

Tiburon Earthquake Insurance

napa earthquake 2014California Wine Country Loses Billions Due to Earthquake Property Damage

On Aug. 24, an earthquake with a magnitude of 6.0 struck the San Francisco Bay area, damaging property throughout California’s beautiful Napa Valley wine country. Homeowners in Tiburon were rudely awakened by the shake, only to watch helplessly as their homes fell down around them. According to the Chicago Tribune, over 200 people were injured, and many buildings were declared unsafe to enter.

While structural damage to insured property was estimated at over $350 million, the industry suffered enormous economic losses as well. Uncountable bottles, and barrels, of wine were completely destroyed, promising financial hardship for business owners. There are ways to strengthen property so that it can withstand the worst damage during an earthquake, as well as tips to keep objects from destruction. Call Allied Restoration Company on 415-529-5637 for advice on how to achieve this.

The worst damage occurred to wineries closest to the Napa Valley region, but widespread problems were reported. CoreLogic, a disaster modeling firm, focused on estimating insured economic losses. Although they admit some uncertainty, their estimates of financial disaster ranged from $500 million to $1 billion, with about a quarter stemming from residential damage.

The Insurance Information Institute modeled an estimate too, claiming losses would equal hundreds of millions of dollars, although the economic impact would see this figure rising exponentially. This is because roughly six percent of homeowners in Tiburon have earthquake insurance, and these estimates are based on insured properties alone.

The Napa Valley Vintners Association stated that damage was catastrophic to barrel storage areas, wine inventories and production equipment. The fire department battled six fires caused by gas lines that had been severed during the quake, one of which overwhelmed a group of mobile homes. Luckily, no fatalities were reported, but local hospitals were inundated with civilians suffering minor injuries.

A state of emergency was declared, with major power and water outages affecting nearly 70,000 businesses and residences. People were denied access to several streets because of debris pile-up, and most public schools were closed. To restore safety, Pacific Gas & Electric sent crews to determine the hazards of faulty gas installations.

In 1989, the Loma Prieta 6.9 magnitude earthquake killed 63 people, and caused property damage worth $6 billion. Residents have grown complacent since then, but are now investigating the importance of Tiburon earthquake insurance after suffering the latest disaster in Napa Valley. With the next big shake predicted to occur in the region within three decades, it is advisable to retrofit your property according to earthquake safety regulations. Call Allied Restoration Company today on 415-529-5637 to prevent excessive property damage in Tiburon.