Oklahoma is not known for earthquakes, but in the past few months, minor earthquakes have rattled homes and businesses. Learn what to do before, during and after an earthquake occurs.
OKLAHOMA EARTHQUAKE INSURANCE FACTS
- Make a Home Inventory List - Compile this inventory before trouble arises by starting at the back of your home and working forward through every room, writing down all items of major value. It will be easier to calculate your loss and secure a fair and accurate claim check for replacing your property if you know a few specifics about expensive items, including televisions, stereos, gaming systems, appliances and the like. Write down the make and model; try to remember what year you bought the item, and what you paid for it. Adding pictures or video to the written list of items can be a big help to your agent. When completed, keep this inventory at a secure location offsite, like in a safe deposit box at a bank, or at the home of a relative who doesn’t live nearby enough to possibly lose their home to the same disaster.
- Ready.gov has great earthquake preparation tips - Learn More
During an Earthquake
The key is: DROP to the ground; take COVER by getting under a sturdy table or other piece of furniture; and HOLD ON until the shaking stops. If there isn’t a table or desk near you, cover your face and head with your arms and crouch in an inside corner of the building. Learn more with Ready.gov.
View any situation updates when wildfires occur in Oklahoma provided by the Oklahoma Emergency Management
After an Earthquake Occurs
- Ready.gov has great after an earthquake has occurred tips - Learn More
- Report suspected insurance fraud by visiting our Anti-Fraud Units website at http://fraudstoppers.oid.ok.gov
- In the event of concerns or a dispute about your insurance policy or settlement, contact the Oklahoma Insurance Department toll‐free at (800) 522‐0071, or online at http://oid.ok.gov
OKLAHOMA EARTHQUAKE INSURANCE FACTS
- Until local and state officials, insurance companies and adjusters have had an opportunity to receive and review all reports of earthquake damage, it is difficult to know how many structures are damaged or what the total monetary loss will be in Oklahoma.
- Earthquake insurance has historically not been a popular product in Oklahoma. Dan Ramsey, president and CEO of the Independent Insurance Agents of Oklahoma, estimated in 2011 that less than 1 percent of Oklahoma homeowners carry earthquake insurance.
- Approximately $11.6 million in direct premiums are written annually for earthquake insurance in Oklahoma. The state’s top three carriers for earthquake insurance are:
- Travelers Group
- State Farm Group
- Farmers Insurance
- Earthquake insurance is different from a standard homeowners policy, either as an “endorsement” added to the policy by the company that carries the purchaser’s homeowners insurance, or as a separate policy from a company specializing in earthquake coverage. Consumers will also have to wait a period of time – usually 30 to 60 days – after the most recently reported earthquakes in their area before they can purchase new earthquake insurance, due to the likelihood of aftershocks.
- The cost of an earthquake policy varies depending on factors, including the carrier and the policyholder’s desired level of coverage, but an Oklahoma homeowner might expect to pay between $100 and $150 per year for earthquake insurance.
- Earthquake policies frequently have nuances, such as providing or not providing coverage for brick or stone veneers on the home.
- Earthquake insurance carries a separate and often substantial deductible, apart from the standard homeowners deductible. Often this deductible is calculated as a percentage of the insured property’s value – commonly 5 to 10 percent, but occasionally lower or higher – meaning that a $100,000 home would require a deductible of $5,000 to $10,000.
- Quakes are on the rise in Oklahoma. Since January 2009, more than 200 magnitude 3.0 or greater earthquakes have shaken parts of central Oklahoma, averaging 40 per year.