I'm sure there might already be a thread on this, but what is everyone's thoughts and experience with earthquake insurance

I have gotten a quote with State Farm for $60 a year with a 2% deductible ($4000)

I have some time to decide as they are not adding new earthquake endorsements for 30 days after Saturday's quake.

Most places won't insure man-made earthquakes. Not sure who the burden of proof is on though.

Most places won't insure man-made earthquakes. Not sure who the burden of proof is on though.

Palomar Specialty offers a stand alone policy in Oklahoma. It is quite pricey but is available immediately, no waiting period. Deductibles are usually 10-20% so odds are you would never use it.

Contact your local brokerage to see if they have this product.

We have an earthquake policy with State Farm and our policy covers Natural or Man Made earthquakes. You should talk to a State Farm agent about it.

We have an earthquake policy with State Farm and our policy covers Natural or Man Made earthquakes. You should talk to a State Farm agent about it.

The 60/year covers masonry and anything deemed an earthquake (natural or man-made)

I'm thinking it is a now brainer for 5 dollars a month. Just in case something major happens

Most places won't insure man-made earthquakes. Not sure who the burden of proof is on though.

I don't know why this narrative has rooted so deep, but it's simply not true. Every carrier I have (35+) covers both

I don't know why this narrative has rooted so deep, but it's simply not true. Every carrier I have (35+) covers both

It's definitely the case at least sometimes. I got this letter from my Renter's Insurance (granted, it's not home insurance, but still):

https://scontent.xx.fbcdn.net/l/t31.0-8/12339148_10153393106339200_6418402974904222174_o.j pg

This is through Assurant/Geico.

I don't know why this narrative has rooted so deep, but it's simply not true. Every carrier I have (35+) covers both

You are correct. I believe it has been instilled since the beginning.

From 2015:


'Extraordinary denial rate' of 9 in 10 earthquake claims rattles Oklahoma Insurance Commissioner John Doak

The state Insurance Department gathered information from “larger earthquake insurance companies” that indicates that only eight of about 100 earthquake claims filed in 2014 were paid. In the bulletin, Doak noted that he is considering an examination of market conduct “to ascertain the facts surrounding the extraordinary denial rate of earthquake claims that the preliminary data seems to indicate.”

The bulletin, which Doak said Wednesday is intended to alert the industry of his expectations and basic consumer protections, focuses on exclusion of man-made damage, pre-existing damage and claim adjusters.

Doak stated that in general it’s correct to say earthquake insurance excludes losses in whole or in part due to man-made causes, such as oil and gas exploration or production. He said there is no agreement on a scientific or governmental level surrounding the recent boom in earthquakes and whether water-disposal injection wells or hydraulic fracturing — called fracking — are the culprits.

“In light of the unsettled science, I am concerned that insurers could be denying claims based on the unsupported belief that these earthquakes were the result of fracking or injection well activity,” Doak wrote. “If that were the case, companies could expect the Department to take appropriate action to enforce the law.”

http://www.tulsaworld.com/newshomepage2/extraordinary-denial-rate-of-in-earthquake-claims-rattles-oklahoma-insurance/article_582ec337-9ba6-570e-9118-e85c4e9b4066.html

and later...



Companies writing earthquake insurance in Oklahoma have reacted to the flurry of earthquakes in various ways. Some have amended their policy forms to cover damage resulting from wastewater injection, the Insurance Department said. Others have simply been waiving the man-made exclusion, while a third group still excludes quakes induced by wastewater injection, the agency said.

Insurers providing earthquake coverage have 45 days to issue a clarifying notice to policyholders and licensed insurance agents, the Insurance Department said.

According to the agency, the notice insurance companies send to policyholders must contain the following:

EARTHQUAKES RESULTING FROM OIL AND GAS ACTIVITIES

Subject to all policy provisions, the coverage provided by this policy (IS) or (IS NOT) intended to cover earthquake damage resulting from:

A. extracting oil or gas from below the earth's surface by any process, including but not limited to hydraulic fracturing or drilling; or

B. injecting or inserting any substance, including but not limited to, water and wastewater, below the earth's surface for any purpose; or

C. storage of any substance, including but not limited to, water and wastewater below the earth's surface for any purpose; or

D. any combination of a. - c. above.

http://newsok.com/article/5454845

So yeah, not all will cover man made quakes but they are now required to spell out specifically if they do or don't.

I'm one of the early people who signed up for coverage. My insurance agent was laughing at me for even asking. I think I did get it the year I felt my first one in Oklahoma. I grew up in Calif so I know what they can do. Now no one is laughing at me for getting it.

I'm sure there might already be a thread on this,

You're correct, but there were only a few posts.

http://www.okctalk.com/showthread.php?t=42302&highlight=earthquake

It's definitely the case at least sometimes. I got this letter from my Renter's Insurance (granted, it's not home insurance, but still):

https://scontent.xx.fbcdn.net/l/t31.0-8/12339148_10153393106339200_6418402974904222174_o.j pg

This is through Assurant/Geico.
That's renters dude. You are literally comparing apples and oranges.

That's renters dude. You are literally comparing apples and oranges.

+1

+1
You can add earthquake insurance to a Renters policy. I work in a State Farm office. Just can't write any earthquake now.

Is a class action lawsuit against the petroleum industry unfeasible? Like, would gasoline go up by, like, a dollar a gallon? And would pumping the wastewater into the ocean mess up the the dolphins and sea otters? On Edit: (sorry, my bad, rhetorical BS)

You can add earthquake insurance to a Renters policy. I work in a State Farm office. Just can't write any earthquake now.

Do you mean you can't write it for a period of time (30 days)? ...or you cannot write it at all now?

Do you mean you can't write it for a period of time (30 days)? ...or you cannot write it at all now?

Using the information in post numbers 1 and 14, I surmise that it's the 30 days.

Do you mean you can't write it for a period of time (30 days)? ...or you cannot write it at all now?
Can't write it at all right now. They will let us know when we are able to write the endorsement again.

Maybe, they are changing the rates after the big shake. No more $60 a yr. They maybe saying, time to rethink this out before we stick our neck out on this.

I have earthquake through AAA, with a 5% deductible and includes masonry, no exclusions for anything. It went from $75 last year to $170 this year. I shopped it around though and with Homeowners AAA is still the best deal for me.

Carriers have basically put a moratorium on Oklahoma as soon as the big one hit. Reevaluating the risks I'm sure.

I'm looking at a Farmer's policy with a 5% deductible. So no moratorium.

I easily had earthquake insurance added to my Farmers Homeowners Insurance and its less than $80 a year.

AAA here too. Very good quake coverage for not much money. We dumped Liberty Mutual when we found out they wouldn't cover our masonry and had a much higher deductible.

AAA here too. Very good quake coverage for not much money. We dumped Liberty Mutual when we found out they wouldn't cover our masonry and had a much higher deductible.

Yeah, we dumped LM a couple of years ago because of how bad their quake insurance was. Yeah it was only $50/yr, but don't expect to get anything from it unless your house is complete rumble and then you'll still be out the 20% deductible and then brick and exterior concrete.