Oklahoma Doesn’t Sell Much Earthquake Insurance
According to State Insurance Regulators, only $6.7 million in earthquake insurance is sold in the whole state of Oklahoma annually. This equates to only 1% of all homes in the mentioned state because earthquake damage normally isn’t included in homeowners insurance policies.
The recent increase in number of quakes, which includes the 5.6 quake in Oklahoma City last week, would probably prompt homeowners to reconsider their insurance coverage.
Almost twenty-four earthquakes occurred in Oklahoma last weekend—the strongest having a magnitude of 5.6.
The Oklahoma Department of Insurance says that unless local and state officials, insurance companies and adjusters have had an opportunity to study all reports of earthquake damage, the department wouldn’t be able to make any estimation of the monetary losses suffered in Oklahoma.
The Oklahoma Insurance Department (OID) reports that the top five carriers of the state are: Travelers Group, American International Group, State Farm Group, Zurich Insurance Group, and Liberty Mutual Insurance Group.
The price of an earthquake insurance policy in Oklahoma depends on several factors such as the carrier itself and the policyholder’s desired level of coverage. Typically, Oklahoma homeowners pay $100 and $150 annually for earthquake insurance, according to regulators.
The Oklahoma Geological Survey (OGS) has recorded over 80 earthquakes of all magnitudes in the last 30 days.
The 5.6 magnitude that hit Oklahoma City last November 5 is recorded to be the strongest earthquake in Oklahoma in modern times. According to data from the catastrophe modeler RMS, the now second largest is a 5.5-magnitude earthquake that took place in 1952 in El Reno City. It appears that since 2009, Oklahoma has had a phase of heightened seismic activity in terms of frequency of the quakes. However, the tremors are well within the range of what is deemed normal seismic activity.
According to the Associated Press, two minor injuries were reported by the Oklahoma Department of Emergency Management due to the Saturday evening quake, but these didn’t require any hospitalization.
Typically, Oklahoma experiences around 50 earthquakes a year before 2009, according to AP. But last year, the number exponentially increased to 1,047 quakes—prompting researchers to install more seismographs in the area. So far, most earthquakes have not been destructive. Being ready for this kind of "wrath of nature" event would totally secure us for any massive damages. Aside from the Oklahoma's insurers, you can also get online insurance quotes, where a number of insurers can serve you well too.