Oklahoma homeowners are beginning to feel pressure associated with earthquakes
Earthquakes in Oklahoma are beginning to cause some problems for those with homeowners insurance. The Oklahoma Insurance Department notes that many homeowners may be surprised to discover that their homes are not actually protected against earthquakes. The state has been experiencing an increasing frequency of earthquakes in recent years, with some state officials suggesting that tremblers may be linked to the controversial practice of fracking, which involves the use of oil injection wells.
Most homeowners may lack the needed earthquake insurance coverage
In October of this year, the Insurance Department requires all homeowners insurance companies to send out letters, informing consumers that their properties may not be adequately covered. Many consumers lack earthquake insurance, which is typically a supplemental form of insurance coverage that is not included in regular homeowners insurance policies. The Insurance Department notes that many consumers are not aware of what their policies do and do not cover, as such, they may be exposed to certain risks that could become quite expensive in the future.
Some insurers are not eager to cover damage caused by man-made earthquakes
One of the issues that may cause problems for consumers is that some insurers differentiate between man-made and natural earthquakes. For those with earthquake insurance are, of course, still covered by their policies, but if the matter goes to court, insurers can work to prove that the earthquake causing damage was man-made. In such cases, the insurer may not be held liable for coverage because they do not generally provide coverage for man-made disasters.
Consumers are being urged to review their homeowners insurance policies to make sure they are protected
With earthquakes becoming more common throughout the state, consumers are being encouraged to acquire homeowners insurance coverage. Homeowners are being urged to review their existing policies in order to make sure they understand the coverage that they have and whether or not they are adequately protected. Those with questions can get in touch with their insurance providers and agents, who will be able to provide the needed support.