“Generally, an earthquake policy covers structural damage that has been verified to have been created by an earthquake — that's excluded under most homeowners policies,” Wiscaver said.
Earthquake policies vary in cost depending on multiple factors, including the desired level of coverage and deductible amount, but most Oklahoma homeowners can expect to pay $100 to $150 per year for the coverage, which will cover repairs to the property and may cover other structures not attached to the house, like a garage. Earthquake coverage insures personal property against damage from an earthquake and covers the cost of removing debris.
Many homeowners and business owners may not realize that their policy does not cover earthquake damage until it's too late, said Jerry Johns, retired president of the Southwestern Insurance Information Service.
“Earthquake coverage is similar to flood insurance in that most homeowner policies don't cover it,” Johns said.
“Unfortunately, most people find out the hard way that they don't have coverage.”