Recent minor earthquakes have rattled Oklahoma homes and businesses; seven tremors have been reported in the state during the month of October. Yet there are cracks in the insurance policies of many Oklahomans, according to Oklahoma Insurance Commissioner John D. Doak.
Doak is reminding Oklahomns that most property insurance policies exclude damage caused by earthquakes. He says now is a good time for policyholders to speak with their agents — and for agents to be fully prepared to inform their policyholders — about the subject of earthquake insurance.
After tremors occur a waiting period normally exists before coverage can be added to a homeowners or commercial property insurance policy, but immediately in the wake of a quake is a good time for consumers and insurers to discuss all options. Policyholders should inventory their belongings and speak with their agent to be sure their existing coverage is sufficient. For clients who already have or who do purchase earthquake coverage, agents should be sure the consumer is aware that normally the policy has a separate and often substantial deductible.
Source: Oklahoma Department of Insurance
Topics Oklahoma
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