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An introduction to earthquake insurance in Oklahoma

On Behalf of | Jan 20, 2017 | Denied Insurance Claims

Over recent years, many Oklahomans have experienced a lot in the way of environmental events, but perhaps none of them have the immediate impact and shock of an earthquake. An unfortunate reality for many Oklahomans has been getting more accustomed to geologic activity, but many people do not know they are not as prepared as they think they are.

No matter where in the United States they live, most people value their homes very highly. As a result, they generally take out homeowners’ insurance policies to cover a large portion of expenses in the case of damage. Unfortunately, many people find out too late that this is not sufficient in the case of earthquakes.

Earthquakes in Oklahoma

The United States Geological Survey has been observing earthquake activity for many years, and according to their data, the state of Oklahoma has been experiencing many more earthquakes in recent years than it ever has before. These are caused by many things, but research has pointed to fracking by energy companies as one of the central causes.

Oklahoma earthquake insurance

Damage to a home is generally covered by homeowners’ insurance, but many people are not aware that particular types of damage are not generally covered by standard homeowners’ insurance policies. Types of damage that generally are not covered include,

· Hail

· Mold

· Wind

· Flood

· Earthquake

For the most part, people usually have to take out additional insurance policies to cover these more specific forms of damage. For many Oklahomans, this means earthquake-specific insurance policies.

Many Oklahomans are not even aware that they do not have earthquake insurance or that their standard homeowners’ insurance will not cover earthquake damage. Even if they are aware of this, the thought of additional payments can deter many people. However, earthquake insurance policies, despite what many people may think, are relatively cheap with annual payments often falling between $100 to $150.

Even though the policies themselves are relatively low-cost, buyers may have to wait months for their coverage to begin. This is in large part due to the likelihood of aftershocks following a large earthquake. Because of this, it is often suggested that people get their insurance squared away before any events happen at all.

The legal world of insurance can be complex and complicated. Fortunately, there are resources that can help. Our firm will review policies for free in order to help you to put yourself in the best position possible. If you do have any questions concerning your earthquake coverage, it is suggested that you seek out the services of an experienced legal professional.