Oklahoma Earthquake Insurance FAQs

Mike knows a lot about insurance right here in Oklahoma. With years of experience, he can help you find the best coverage, at the right price, for your situation!

What is covered under an Earthquake policy?

Earthquake policies, like many other policies in Oklahoma, vary greatly in coverage. Some policies provide coverage for absolutely every type of damage – bricks falling, sheet rock cracks, foundation repairs. Other earthquake policies in Oklahoma exclude many of these types of damage. It is important to ask your agent what is covered before you purchase an earthquake policy.

What is the deductible for Earthquake policies?

The deductible for an Earthquake policy is much higher than a typical Oklahoma homeowners insurance deductible. Earthquake deductibles run anywhere between 2% of your home coverage amount, to as high as 15% of your home coverage amount. Example – if you have a $200,000 with a 10% deductible, you will pay $20,000 before your earthquake coverage kicks in. This is the reason that many people in Oklahoma (and even in California) elect not to purchase earthquake coverage. For others though, they would rather pay a 10% deductible than have no coverage at all.

How much does Earthquake coverage cost?

The cost of Earthquake coverage in Oklahoma can vary greatly depending on what is covered, how much coverage is provided, and what deductible you choose. On the low end, you can find coverage for $30 a year. Unfortunately this policy may not cover what you are concerned about – bricks, foundation, sheet rock, ect. Earthquake policies that cover absolutely every type of damage can run between $100 and $400 a year depending on coverage and deductible.

Can I get Earthquake Coverage?

After a large Earthquake in Oklahoma, many companies have a 30 day moratorium in which they will not set up a new Earthquake policy. Once the 30 days has past, you will be able to set up a new policy any time.