We've been shaken by a 4.7, 5.6, and 4.7 to include about 25 in between 'little' ones within the last 5 days (Nov 2011). We're not built for earthquakes and our homes/structures are far from meeting earthquake engineering standards. Thus, many people are looking into earthquake insurance. I've had many clients asking if they should get it. Be clear, only you can assess the risks versus the cost and come to that conclusion. I'm getting it. Why? Because, the cost is low enough and earthquake prediction is far from being an exact science. I read that prior to these recent 2011 Oklahoma earthquakes the USGS database showed there was a 3.204% chance of a 5.0 or bigger earthquake hitting within 31 miles of Oklahoma City within the next 50 years. A 5.5 they had has less than a 1.303% probability within the next 50 years. Hummmm.......97 to 99% chance one wouldn't happen and three did.
I lived in Santa Barbara, CA in the 90's and worked in this industry in regards to building standards for earthquakes. Be clear, we have zero standards in Oklahoma home construction for our homes to withstand/resist earthquakes; beginning with our homes are built of brick; which is good for tornadoes, not so good for earthquakes. Brick crumbles during earthquakes. Typically, residential earthquake insurance comes with minimum 5-25% deductibles (avg 15%). With such large deductibles it could take a catastrophic event to pay. As always, you're betting against the insurance company. However, what problem do you want to have? According to the Insurance Journal prior to these most recent earthquake events only about 1 percent of homeowners in Oklahoma carry earthquake insurance. The top five residential insurance carriers of earthquake insurance in Oklahoma are: Travelers Group, American International Group, State Farm Group, Zurich Insurance Group, and Liberty Mutual Insurance Group. I haven't heard of anyone paying more than $100 a year (max) for earthquake insurance here in Oklahoma City with minimum coverage. For less than $9.00 a month, I'd rather have it than not, even with an enormous deductible.
Update to post, January 2016: Please ensure your earthquake coverage indeed covers you. Some insurance companies deem Oklahoma earthquakes as "man made" and the policy you thought covered you doesn't. News9 Story