The threat of earthquakes does not bring thoughts of Oklahoma but the state's insurance commissioner is urging residents to buy coverage.
“Looking into earthquake insurance after your home or businesses has sustained damage resulting from an earthquake will do little good to help you recover,” Insurance Commissioner John D. Doak says, in a statement. “Now is the time to protect yourself before the next one occurs.”
If Doak's pitch seems overzealous, consider Oklahoma has been shaken by 200 magnitude 3.0 or greater earthquakes since 2009, according to the Oklahoma Geological Survey.
Dots Mark the Spot: Red dots show earthquakes between 1973 and 2008. Blue dots mark earthquakes from 2008 to 2011. Courtesy of Oklahoma Geological Survey
In November 2011 a record-breaking 5.6-magnitude quake destroyed 14 homes and damaged dozens, and standard homeowners policies don't cover the damage.
The U.S. Geological Survey recently issued a report saying a “swarm” of central Oklahoma earthquakes are here to stay. The state has experienced an average of 40 earthquakes per year from 2009 to 2013.
“We need to be prepared for any hazard that we face in Oklahoma,” Doak continues. “Not only can earthquakes generate a great deal of damage to your property, they can cause a great deal of damage to personal finances if you're not sufficiently covered.”
According to Doak, the cost of earthquake coverage varies based on level of coverage and deductibles as well as other factors to do with the construction of the structure insured, but homeowners can expect to pay $100-$150 a year for coverage.
Scientists have been studying the area, looking for a cause in the rate of earthquakes in Oklahoma. Some have suggested hydraulic fracturing—used to get to pockets of natural gas—is to blame, but the energy industry has denied the link.
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