The threat of earthquakes does not bring thoughts of Oklahomabut the state's insurance commissioner is urging residents to buycoverage.
|“Looking into earthquake insurance after your home or businesseshas sustained damage resulting from an earthquake will do littlegood to help you recover,” Insurance Commissioner John D. Doaksays, in a statement. “Now is the time to protect yourself beforethe next one occurs.”
|If Doak's pitch seems overzealous, consider Oklahoma has beenshaken by 200 magnitude 3.0 or greater earthquakes since 2009,according to the Oklahoma Geological Survey.
|
Dots Mark the Spot: Red dots showearthquakes between 1973 and 2008. Blue dots mark earthquakesfrom 2008 to 2011. Courtesy of Oklahoma GeologicalSurvey
|In November 2011 a record-breaking 5.6-magnitude quake destroyed14 homes and damaged dozens, and standard homeowners policies don'tcover the damage.
|The U.S. Geological Survey recently issued a report saying a“swarm” of central Oklahoma earthquakes are here to stay. The statehas experienced an average of 40 earthquakes per year from 2009 to2013.
|“We need to be prepared for any hazard that we face inOklahoma,” Doak continues. “Not only can earthquakes generate agreat deal of damage to your property, they can cause a great dealof damage to personal finances if you're not sufficientlycovered.”
|According to Doak, the cost of earthquake coverage varies basedon level of coverage and deductibles as well as other factors to dowith the construction of the structure insured, but homeowners canexpect to pay $100-$150 a year for coverage.
|Scientists have been studying the area, looking for a cause inthe rate of earthquakes in Oklahoma. Some have suggested hydraulicfracturing—used to get to pockets of natural gas—is to blame, butthe energy industry has denied the link.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
