Residents want to know how to protect their homes and businesses from the destructive quakes.
Gov. Mary Fallin says the answer is to get earthquake insurance.
However, for some business owners like Linda Rice, that’s easier said than done.
“I can’t. My building was built in 1898 and in that time, they didn’t use anything but brick and mortar and they won’t insure them,” Rice said.
Her business and others like it can’t get the insurance that is necessary to cover repairs.
“It’s frustrating because we are trying to find markets to cover them, and I’m not saying they are not out there, but we haven’t found them yet that will cover those older building,” said Dennis Ochs.
Ochs is a local insurance agent.
“
Two years ago, we never wrote any earthquake insurance to think of and now, we are writing more and more as time goes by,” he said.
Because of that, he’s had to deliver bad news to clients like Rice.
He says there usually is coverage for newer structures.
A policy will cost you about $200 and
expect to pay a high deductible.
Experts say that
deductible is usually five to 10 percent of the home’s value.
For example,
to make repairs to a home valued at $120,000, the homeowner would be responsible for paying $12,000 out-of-pocket.
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