Do you need Earthquake insurance in Oklahoma?
In recent years, earthquakes have become much more common in Oklahoma. We’re used to Tornadoes, but earthquakes still leave us shaking long after the ground stops moving. The truth is, according to geologists, Oklahoma has reactivated some of the fault lines that could trigger a much larger, much more damaging earthquake. You may be wondering why our Enid Insurance Agent is talking about Earthquake Insurance, well that’s because it may be time to consider it in Oklahoma.
First of all, are earthquakes that serious right now in Oklahoma? All we can tell you is that according to data, Oklahoma has had a few thousand earthquakes within the past year alone. The other thing to note is that there simply isn’t a sure fire way to predict exactly when or where the next earthquake will happen or how strong it will be. Seismologists can only really estimate the general number of earthquakes that will be felt and may be able to guess that the next major one will occur sometime in the next 25 years. However, no one can be 100% sure.
This is why having the right type of insurance coverage is so important.
Most home insurance policies don’t cover Earthquake insurance or coverage for Earth Movement. Most states do offer separate Earthquake Insurance, however. One thing to keep in mind though is that the rates for Earthquake Insurance can vary considerably depending on where you live. In places that are more prone to earthquakes, the cost of this type of insurance is going to be quite a bit higher.
Here are some questions to ask yourself when considering coverage:
- Is my home covered if an earthquake does occur?
- Can I afford the cost of rebuilding or repairing my home?
- What would it cost to replace my personal belongings?
- How would I pay for temporary housing if an earthquake causes structural damage to my home?
If you need help answering these questions, The Drew Ritchie Agency is right here. Feel free to reach out and we’ll explain more about your coverage options and help you choose what’s right for you.