COLUMBIA, Mo. (AP) — The percentage of homes with earthquake insurance in Missouri's highest-risk areas is at a historic low amid rising costs.
A survey of insurers released this week shows only 12.7% of homes in the New Madrid fault area were insured as of last year.
Missouri's insurance department says skyrocketing insurance prices and high deductibles are partly to blame.
The department says earthquake insurance costs are up 760% compared to 2000.
Many insurers only offer coverage with deductibles at 25% of the value of insured homes.
Missouri's insurance Director Chlora Lindley-Myers says the costs are prohibitively high.
She says the problem is affecting several states and that action needs to be taken before the next seismic event hits the area.