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Quake Insurance? California Pushing People To Say Yes To Coverage

On Thursday, Californians took part in an annual statewide earthquake preparedness event called The Great Shake Out . The event encouraged people to practice safety drills, check quake supplies and go over emergency plans with family, schools and employers.

While many Californians now know the mantra to " drop, cover and hold on ," there's growing concern that people and companies are not adequately covered for the days after.

Glenn Pomeroy wants to sound the alarm about that lack of coverage. As CEO of California Earthquake Authority , his job is to ensure the state, and the people in it, are financially prepared for a catastrophic quake.

It's what happens in the aftermath of a quake that keeps Pomeroy up at night. "The false hope associated with planning on the federal government to come in and rebuild your homes is very dangerous," he says.

Nearly 90 percent of California homeowners do not have earthquake insurance.

And barely 1 out of 10 commercial buildings is insured for quakes, according to the California Department of Insurance.

Aspen's workers are hitting retirement age. And that's made the resort town's employee housing program a ticking ...

“It’s not like you have real ownership,” said Andy Popinchalk, who recently retired after 32 years teaching at Aspen High School and lives in the affordable home where he raised two sons. “It’s a very different life for people who live in free-market homes and those who live in employee housing. When you leave, you don’t necessarily get the same benefits to pass on to your kids or anything like that.”

Popinchalk and his wife, who taught for more than 40 years in Aspen before retiring, live in a modest, deed-restricted home with a rich garden across from the high school. Since buying in 2000, the home has appreciated less than $100,000. If the home were free-market, Popinchalk would have paid much more, but it would have appreciated at a much greater rate.

While the housing authority’s rules allow them to retire in their subsidized home, Popinchalk and his wife, Carolyn Fields, are hardly idle. Fields volunteers with a program at her church that offers

Why is everyone upset about the Chairman of Countrywide not being allowed to go to Aspen to wine & dine ?

So what if.....he and other mortgage hi rollers are ready to rock and take it deep . .and after a large percentage of the loans they made go into foreclosoure! Is it his problem.....


Americans are upset... of course they are! Many homeowners were given loans that they could not afford, which made individuals and companies such as these a lot of money.