STATE : Gov. Signs Quake Insurance Bill
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From Times Wire Services
SACRAMENTO — Gov. George Deukmejian signed a bill today that will give all California homeowners up to $15,000 in earthquake insurance for a maximum fee of $60 a year.
“It is going to greatly minimize the financial impact on our citizens,” he said at a bill-signing ceremony in his Capitol office suite.
It will create a California Earthquake Recovery Fund. All homeowners will pay a surcharge, beginning next July 1, of $12 to $60, depending on the quake risk of their area.
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