Earthquake Insurance

Earthquake Map

Should you buy earthquake insurance?

Due to all the recent earthquakes in Oklahoma are you wondering if you need to purchase earthquake insurance   Earthquakes are not covered under the vast majority of homeowners or renters policies.  Earthquake coverage is… an available option that you can purchase and add to most homeowners policies.  However not all insurance companies offer the earthquake option so you will need to ask your agent if that coverage is available.  A few companies also offer earthquake coverage as a stand alone policy but the cost is usually much higher compared to adding the coverage to an existing policy.

How much does it cost?

The cost to add earthquake coverage to your homeowners policy can vary based on several factors but it usually costs between $100 to $300 per year.  The premium can be higher for a brick or rock house than for a wood frame house.

Is there a deductible for a covered loss?

The typical deductible for earthquake coverage is quite substantial!  The deductible is usually 5% or 10% of the limit of coverage that is shown on the policy.  For example, if your dwelling coverage has a limit of $100,000 then your deductible would be $5000 with a 5% deductible or $10,000 with a 10% deductible.   In addition to the large deductible previously mentioned there are usually separate deductibles for detached structures and personal property (if your policy provides coverage for these items).

One final note

Some earthquake coverage does not cover the cost of repairs  to brick or rock that covers the outside of your home.  So replacing the brick or rock veneer would be out of your own pocket.



Charles G. Harris Insurance Agency | 918-446-4421 | 4724 S. Union Ave - Tulsa, OK 74107