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Thu February 27, 2014
Insurance Agents Say More Oklahomans Are Seeking Earthquake Coverage
Very few Oklahomans carry earthquake insurance, less than 1 percent. But that’s beginning to change as the state experiences more and more temblors.
StateImpact’s earthquake chart shows there were 11 Oklahoma earthquakes in 2008. In 2013 there were 291, and so far, this year has also been even more active. And many seismologists put the blame on disposal wells used by oil and gas companies.
Now, insurance agents are beginning to see big upswings in the number of people asking about earthquake insurance, as The Journal Record‘s Brian Brus reports:
In the first nine years of Brian Dudgeon’s career as an insurance agent, he sold perhaps one or two policies for earthquake coverage.
In the last few weeks, he and his partner at a Farmers Insurance office in Stillwater have sold 50 to 60.
“People are adding it to their policies,” he said. “We’re averaging 10-15 a week, and that’s people coming to me; I’m not approaching them about it. They’re selling like hotcakes.”
But there are several things you need to know about earthquake insurance before making the decision to add it. While policies can be cheap, deductibles are often very high, and it could take months to get coverage after an earthquake happens in your area.
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