Q&A about earthquake insurance

A quick look at questions relating to earthquake insurance coverage.
by Don Mecoy Modified: November 7, 2011 at 8:17 pm •  Published: November 7, 2011
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A: The cost of an earthquake policy varies depending on factors, including the carrier and the policyholder's desired level of coverage. But the Oklahoma Insurance Department said that typically an Oklahoma homeowner might expect to pay between $100 and $150 per year for earthquake insurance.

Q: How are deductibles handled with earthquake insurance?

A: Earthquake insurance policies often carry a deductible, generally in the form of a percentage rather than a dollar amount. Deductibles can range anywhere from 2 percent to 20 percent of the replacement value of the structure. This means that if it costs $100,000 to rebuild a home and the policy had a 2 percent deductible, the policyholder would be responsible for paying the first $2,000.

Q: What about earthquake damage to a vehicle?

A: Cars and other vehicles are covered for earthquake damage by comprehensive insurance, which also provides protection against flood and hurricane damage to vehicles as well as theft. The coverage is optional.

SOURCES: Insurance Information Institute, Oklahoma Insurance Department

by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
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