The huge earthquake that occurred in Pawnee in September has many Oklahomans once again talking about getting earthquake insurance; however, it is important to note that, when it comes to earthquake insurance, insurance companies will often say that any settlement, as well as damage caused from settlement, is excluded under any and all earthquake policies. […]
Last week, Oklahoma Insurance Commissioner John Doak published findings revealing that the earthquake insurance market is noncompetitive in the state. As a result, residents are significantly limited in their ability to obtain affordable insurance. In an effort to protect homeowners, the commissioner recently issued an order directing Oklahoma insurance companies to file any rate increases with the […]
State Insurance Commissioner John D. Doak has called for a public hearing to investigate the increasing cost of earthquake insurance in Oklahoma. Rates are up throughout Oklahoma and have even doubled in some cases. However, there must be a valid financial basis for increasing insurance rates, and the system must encourage competition for the benefit of consumers. Commissioner […]
With the growing popularity of fracking in Oklahoma has come a corresponding increase in earthquakes. The number of earthquakes in the state has risen dramatically in the past few years and has brought with it a growing concern on the part of insurance companies who must pay out earthquake insurance claims. Insurance Companies A Reuters investigation found […]
Recently, thousands of Oklahoma residents were rocked by a series of progressively more intense and destructive earthquakes. While many residents have earthquake coverage under their homeowners insurance policies and so are able to make necessary repairs and replacements, an increasing number of policyholders are being denied compensation. Insurance companies argue that because many of the […]