Posted on May 19, 2014
Recent earthquakes in Oklahoma have many residents and businesses on edge. Between October and November 2011 over 80 earthquakes rumbled through the state along with plenty of aftershock trembles.
When an area not used to seismic activity starts to experience regularly occurring earthquakes, people's minds turn to protecting themselves from potential damage and injury. As with any other type of natural disaster threat, emergency preparedness requires planning, and part of mitigating risk requires residents and business owners to consider purchasing earthquake insurance coverage to protect their assets.
Only a small portion of Oklahoma citizens have earthquake protection on their homes or businesses. And many Oklahomans learned the hard way in recent years that homeowner and commercial property insurance policies do not provide coverage for earthquake insurance. Fortunately, the cost of earthquake coverage is quite low in the state since historically the typical number of earthquakes average around 50 a year, and they are usually quite small.
Over the last two years the number of earthquakes per year has reached into the thousands sparking even the Governor at one point in November to declare a federal emergency in order to receive disaster funds for damages. In February of this year, Oklahoma Representative Mike Shelton proposed a bill to require insurance companies to notify property owners of the need for earthquake insurance and that property insurance policies do not cover damage from earthquakes.
The House of Representatives did not pass the bill; however, it does not change the fact that residents and business owners should consult with an insurance professional to discuss all options when it comes to earthquake insurance to protect their homes and businesses.