|By Phil Mulkins, Tulsa World, Okla.|
|McClatchy-Tribune Information Services|
The latest tremblor was
Oklahoma Insurance Commissioner
Earthquake damage is not covered by "standard homeowners' insurance policies" but earthquake insurance can be purchased either separately and independent of your homeowners insurance, or acquired as an "endorsement" of additional coverage under your existing homeowners policy.
Brick homes, wood frame homes with crawl spaces and multi-story homes are the most likely to suffer serious earthquake damage. Have a qualified structural engineer assess your home's risk, said the
Earthquake insurance covers needed repairs to your house and other structures not attached to it, if you pay to include them in the policy. It can cover increased repair costs you face meeting current building codes and to stabilize the land under your home. It can pay extra living expenses while repairs proceed and debris removal costs, if you pay extra for all this.
"Masonry cracking" is likely to require expensive repairs when it's time to sell your home. The rub with earthquake insurance is it is expensive and comes with high deductibles. A "deductible" is the portion of a claim not covered by the insurance policy that the policy holder must pay before the claim can be processed. It can be 5 percent to 15 percent of the policy amount.
The cheapest earthquake policies carry the highest deductibles:
The largest earthquake in
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