Insurance companies flooded with earthquake insurance calls

Without doubt Guthrie has seen a lot shaking as of late with 10 registered earthquakes in the area since late Sunday evening. Now, local insurance companies have been busy answering phones looking for earthquake coverage.

“We have about a 90 percent conversion rate from people calling and asking about insurance to writing policies,” Seth Robbins with Terra Insure Group said Tuesday afternoon.

Last October, Oklahoma Insurance Commissioner John D. Doak encouraged Oklahomans to purchase earthquake insurance after a report predicts continued seismic activity in the central part of the state.

“Looking into earthquake insurance after your home or business has sustained damage resulting from an earthquake will do little good to help you recover,” said Doak. “Now is the time to protect yourself before the next one occurs.”

Earthquake insurance, much like flood insurance, is not included with a homeowner’s insurance policy. Earthquake insurance is either an endorsement added to existing coverage or a separate policy from another insurance company.

Robbins says deductibles for earthquake damage claims are usually higher than standard homeowners’ insurance claims — usually 5 to 10 percent of a home’s value.

A typical Oklahoma homeowner will likely pay $100 to $150 per year for earthquake coverage, says Commissioner Doak. Earthquake policies usually cover structure repairs, damage to personal property and debris removal.

“People need to talk to their agent and find out what is available to them, what does it cover, what does it exclude and what is the deductible,” Robbins said.

Related story: Six registered earthquakes rattle Guthrie