Fifteen seconds later, the Loma Prieta earthquake was over -- leaving 68 dead, more than 4,000 injured and roughly $7 billion in damages in its wake. Tens years later, Californians still feel its aftershocks -- both physically and financially.

The tenth anniversary of the Loma Prieta earthquake, along with the recent devastating quakes in Turkey and Taiwan and today's earthquake in Mexico, are solemn reminders to all Californians to prepare both their homes and their finances for disaster.

Earthquake insurance has changed dramatically since the Loma Prieta earthquake. The earthquake's $7 billion price tag, coupled with the $15 billion worth of damage from the 1994 Northridge earthquake, proved to be too much risk for insurance companies to take on without harming the financial integrity of their businesses.

In order to offer earthquake insurance to Californians at affordable prices, the state Legislature established the California Earthquake Authority in 1996. Traditional earthquake coverage became a thing of the past and many Californians subsequently opted for no coverage at all, leaving their personal finances on shaky ground.

Traditionally, about 25-to-30 percent of California homeowners carry earthquake insurance. Today only about 17 percent of homeowners in the state are insured.

"As the value of California real estate has skyrocketed, equity in personal property has also climbed dramatically," said Candysse Miller, executive director of the Insurance Information Network of California. "However, for homeowners who chose not to continue their earthquake policies, this equity is unprotected should a catastrophic quake strike."

While the current earthquake policies offered in California are a bitter pill for many consumers to swallow, the market is improving for homeowners. Rates have decreased by about 15 percent since the California Earthquake Authority was established and private companies starting to compete in the earthquake insurance market. While all policies written in California offer similar coverage, increased competition gives homeowners the ability to shop around and compare rates. Supplemental policies are now being offered that for an additional premium lowers the standard 15 percent deductible to 10 percent, and offers additional contents and living expense coverages.