The tremors that have been occurring in Oklahoma have caused officials to discuss coverage.
There have been a number of homeowners across Oklahoma that have been taken completely off guard when their homes were rocked by tremors, and they are now starting to look into earthquake insurance, particularly as state and industry officials have started to talk about the coverage.
There are a number of different things that should be taken into account when shopping for these policies.
Experts in and representatives of the earthquake insurance industry have been speaking to Oklahoman homeowners to point out issues such as high deductibles and lockout periods while these consumers consider the purchase of coverage. There are a number of industry regulations of which many property owners in the state have been completely unaware until now, simply because it has not necessarily been a central topic until the recent shakes.
One of the most important rules to know is that earthquake insurance can’t be purchased immediately after a tremor.
Homeowners in central Oklahoma have recently found their homes shaking from quakes, but those that rushed out to contact their insurers for earthquake insurance were often surprised to find out that they would need to wait a month or even two before they would be able to purchase active coverage. This is because there is a standard lockout period of 30 to 60 days (depending on the insurer) in order to allow those companies to protect themselves from having to cover aftershocks that will occur in the area following the main quake.
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This is only one of the many earthquake insurance issues of which the industry is hoping to inform Oklahoma residents as they have been attempting to purchase coverage. Another point that these consumers are starting to discover that there can also be some very high deductibles associated with this coverage, which could make these policies rather daunting for some property owners.
In October, John Doak, the Oklahoma Insurance Commissioner, issued an alert regarding earthquake insurance. In it, he advised homeowners to consider the coverage and to look into what it involves. This advice followed a U.S. Geological Survey that indicated that the state is experiencing a sharp increase in the number of quakes (primarily small ones).