Earthquake insurance takes off in fracking areas of Oklahoma

fracking oklahoma earthquake insurance

American scientists have now released a warning that the state could experience a major quake.

fracking oklahoma earthquake insuranceScientists in the United States have issued a warning to the businesses and residents of Oklahoma that indicates that they could experience a major quake, and this has caused a spike in the purchasing of earthquake insurance policies.

This is an unwelcome added expense for those that are already paying high premiums for tornado protection.

Although ground tremors have never been much of a problem in Oklahoma, they do occur on occasion. During the last year, there have been hundreds of minor quakes that have started occurring, which has raised concerns about the risk of a big one that could arise at any time. In response, this has also increased the interest in earthquake insurance.

This demand for earthquake insurance isn’t unjustified as there has been a massive increase in tremors.

Since last October, there has been a rise by about 50 percent in the rate of earthquakes in the state, which is “significantly increasing the chance for a damaging quake in central Oklahoma,” said the U.S. Geological Survey (USGS).

When asked why this increase in earthquakes is occurring, many geologists have pointed to fracking. Also known as hydraulic fracturing, this is a technique for the extraction of oil and natural gas from deposits in underground rocks that has been connected with a tremendous amount of controversy.

Though the risk has seemed quite low in the past, it has become increasingly clear that the possibility of a massive tremor is far from impossible. Oklahomans are no strangers to the risks associated with natural disasters – particularly tornadoes – and many are trying to lower the potential financial burden of this new threat.

After such a large increase in small quakes throughout Oklahoma – with 183 quakes in the state since October 2013 that have been higher than 3.0 on the Richter scale – and hearing reports that a big one could be on its way in the state, many residents and businesses are acting now by contacting their agents to talk about obtaining earthquake insurance coverage for the first time.

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