By Curtis D. Tucker, Enid Buzz | Monday, May 16, 2016
-
ENID, Okla. - Earthquake damage is typically not covered by an unendorsed commercial property, homeowners or renters policy. The Oklahoma Insurance Department is on a mission to educate Oklahomans and protect them from unfair claims practices and regulate insurance companies.
-
Many residential and commercial insurance companies write some form of earthquake coverage in Oklahoma. Some cover earthquake damage resulting from oil and gas activities and some do not. You need to educate yourself on the various coverage types and product lines.
-
Earthquake insurance normally covers damage to the dwelling, personal property damage, debris removal and living expenses while your home is rebuilt or repaired. Exclusions may include masonry (brick) veneer, damage to land or vehicles and pre-existing damage or external water damage.
-
The time to buy earthquake insurance is before an earthquake occurs. You won't be able to purchase insurance to repair the home after it has already been damaged. But even if a small earthquake only shakes you into purchasing a policy to protect against a bigger one that might occur in the future, be aware that many companies won’t sell new earthquake insurance policies for 30 to 60 days after a quake, due to the expectation of aftershocks.
-
Many people have questions about earthquake insurance. The Oklahoma Insurance Department can help. You will have an opportunity to speak one-on-one with an expert on Tuesday, May 17 from 4:00 to 7:00 pm. The OID will be at Autry Technology Center, 1201 W. Willow in the Lectorium.
-
You can call them at 1-800-522-0071 for more information or visit their website at oid.ok.gov.
-
-
-
Earthquake Insurance Q&A In Enid
