Quake insurance available in Oklahoma, but market under scrutiny

[TexasTowelie]

Oklahoma’s market for earthquake insurance has drawn criticism and extra attention from state officials in recent months.

In June, Oklahoma Insurance Commissioner John Doak called the market noncompetitive, which allows him and the Insurance Commission, by state statute, to review rising earthquake insurance rates before they were enacted.

Doak said he made the move after his department saw 300 percent increases in insurance rates.

-snip-

The following companies offer earthquake coverage in Oklahoma: Travelers, State Farm, Farmers, Hartford, Metflife, Foremost and Chubb.

Read more: http://www.tulsaworld.com/homepagelatest/quake-insurance-available-in-oklahoma-but-market-under-scrutiny/article_20e196a9-c7b4-53fb-9ef2-f4c683f99231.html

[OKNancy]

1. and USAA - LOL I checked

It's an extra $160. per year. 10% deductible though

[TexasTowelie]

2. That is a pretty substantial deductible

and if they use the contractual language mentioned in the article to avoid paying claims then it is questionable as to whether it would be cheaper to build up a savings account to handle any losses or to insure for the loss itself.