What Is Earthquake Insurance? Should You Get It?

As the winter storm moved into the metro this weekend, many people in Oklahoma City and Edmond felt more than a cold front.

“It was like boom,” said Tami Bryant of Edmond. “I deep down was thinking it had something to do with the ice and the cold or something.” It didn’t, as Bryant’s outdoor video surveillance camera shows, it was an earthquake. “It was loud, but it definitely seemed louder on my camera, on my video,” she said.

The earthquake was one of about 20 earthquakes ahead of the storm that began to rattle parts of Edmond and Oklahoma City over the weekend. “I was lying in bed with all my pets and the whole house bed shook it was like crazy it was so loud,” Bryan recalled.

The epicenter of those earthquakes was in Edmond near Arcadia Lake, according to the USGS. The city of Edmond says a visual inspection was conducted by the public works department and found no impact to bridges or nearby crossings. The city also said in a post on social media, that the Corps of Engineers did a physical inspection at the Arcadia Lake dam and city engineers are awaiting the report. However, the dam is designed to withstand significant seismic events.

Some News 9 viewers sent in pictures of cracked walls, damage, they say, from was from the swarm of earthquakes. According to the Oklahoma Insurance Department, a standard homeowner’s policy does not cover earthquake damage. “It has become more prevalent in the recent past because of all the activity that we had,” said State Farm Insurance Agent Bill Holle about the number of people signing up for the coverage.

Holle says following an earthquake event, his office receives calls from customers about earthquake coverage. He says while it’s not part of the homeowner’s standard policy, earthquake insurance is available as an endorsement or a stand-alone policy. “You choose from three deductible options 5, 10 or 15 percent of your dwelling coverage,” Holle said.

Information from the OID website says earthquake insurance covers repairs needed because of earthquake damage to your home and that an Oklahoma homeowner can expect to pay $50 to $300 per year for earthquake coverage. “I've had it ever since I had a renter’s policy for 25 years and never used it but if there was an event that was significant, you'll be waiting on FEMA to come in and help you if you don't have some help from your insurance company,” said Holle.

The OID also says exclusions vary by policy. Review your earthquake coverage to understand what is not covered or speak to your agent. For more information about earthquake insurance from the OID, click here: https://www.oid.ok.gov/consumers/insurance-basics/disasters/earthquakes/