Oklahoma insurances agencies have a lot of claims coming their way. Recent earthquake damages have posed a lot of questions to home and business owners on whether that damage will be covered by their insurance company or not. The damage caused by the earthquakes have caused cracks throughout homes, broken windows, and left chimneys on the ground. The recent storms that have plagued that part of the country have caused immense amounts of devastation. Insurance companies have been overloaded by thousands of claims as a result from the storms and earthquakes. Insurers have been asked to read their insurance policies very carefully to understand what is and is not covered.
Not all insurance companies offer earthquake insurance. The companies that do have this type of coverage are Farmers, State Farm, Shelter, Liberty Mutual, AFR, and Travelers. So if you have Progressive or Nationwide you will not have that coverage. Now if you are insured by one of the insurance companies that offer earthquake coverage hopefully you are able to afford the deductibles that come with that type of coverage. Many people simply do not think having earthquake coverage is necessary or cannot afford it. So even if your insurance company offers that type of insurance unless it is on your policy you will not be covered. Even those who have the coverage may need to fork out money for a high deductible that many have resorted to getting a car title loan just to cover.
It is important to ask questions when getting an insurance policy. Understanding what everything means on your policy is very important. That way you know what is and is not covered. Most insurers only cover catastrophic events. So if your house was damaged by the earthquake but only has foundation cracking and broken windows odds are that insurance will not cover the damage. It is important to read all fine print so you won’t be stuck with countless costs. Do not just settle with one company because what they offer sounds good. Shop around for your insurance policy when it comes time to purchase one. You will be surprised at the cost differences and sometimes the cheaper policy may seem like the more financially safe route. It could potentially harm you in the long run. Dependant on the company house deductibles are ranging anywhere from two to ten percent of the home’s total value. That is a pretty big range when you are talking in percent of homes value.
Letters were sent out to Oklahomans by insurances companies per Oklahoma Insurance Commissioner John Doak. So many phone calls with countless insurance questions had bombarded the commissioner’s office. John Doak decided that it was best if insurance companies sent out letters to each policyholder stating exactly what was covered by their policies. Hopefully the letters help policyholders understand what they are not responsible for and what damages may be repaired by their insurance company. For many their homes were damaged completely hopefully their insurance companies will be able to help but for many even though their homes are now unlivable some companies cannot repair the damage based on coverage alone.