Earthquake Insurance on the rise in the area

Earthquake insurance on the rise in the area
Published: Jun. 3, 2022 at 9:28 AM CDT
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ODESSA, Texas (KOSA) -

Over the last 2 years, over 100 earthquakes have hit the Midland and Odessa area alone.

Due to the rise in these quakes, insurance companies are experiencing more and more calls from people wondering if their homes are insured.

One local insurance company that has been in Odessa for over 50 years tells us what you can expect out of your insurance when it comes to earthquakes

“You can call your insurance agent. It’s an endorsement that you have to add to your policy at renewal. So, if you have an existing policy, you just can’t call in and say there have been some earthquakes and I need to add earthquake insurance to my policy.” Senior Sales Agent for Lisa Copeland Insurance, Mary McCourt

With more and more earthquakes across the Permian basin area, the calls just keep coming in to add that protection to homeowner’s policies and many companies are offering it.

“We’re not just specializing nationwide any longer. We have travelers, Safeco, Atlas, colonial, nationwide, and progressive, so we do have more companies and they’re adding earthquake coverage to their underwriting guidelines all the time.” McCourt

If you experience damage to your property, make sure your insurance company knows so they can send someone out to determine an estimate on the damage to the property to get your house fixed.

“That would be all up to the determination of the adjuster. So, we would have an adjuster who specializes in earthquake damage. They would then be the ones to come out and estimate the damage.” McCourt

Typically, the damaged property doesn’t usually occur until an earthquake is around a 5.5 and the largest around here has been a 4.6.

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