“Don’t rely on rumors,” Oklahoma Insurance Department speaking out about earthquake insurance moratoriums
OKLAHOMA CITY – The Oklahoma Insurance Department says it wants to clarify some information that has caused some residents to not purchase earthquake insurance.
“While touring earthquake damage in Pawnee, several residents said they didn’t think they could purchase earthquake coverage for six months,” said Insurance Commissioner John Doak. “That’s just not true. We reached out to the industry and couldn’t find one with a moratorium longer than 60 days right now. In fact, several companies are already selling new earthquake insurance policies. Staying in touch with your agent is the best way to get the most current information. Don’t rely on rumors.”
The Insurance Department says that many insurers enact moratoriums after strong earthquakes so they can clearly separate old damage from the new.
However, officials say you can’t purchase coverage for damage that has already occurred or is occurring.
If you have any questions, call the Oklahoma Insurance Department’s Consumer Assistance hotline at 1-800-522-0071.