OK HB3420

Requires all insurers issuing residential property insurance policies in Oklahoma to offer earthquake coverage to policyholders, either through the policy itself, an endorsement, or a separate policy

Mandates specific disclosure language informing homeowners that standard policies don't cover earthquakes, that Oklahoma law requires insurers to offer coverage, and that earthquake policies may have different limitations than homeowners policies

Establishes that insurers must re-offer earthquake coverage every two years if initially declined, and coverage accepted by one named insured is binding on all insured parties and those with insurable interest

Prohibits insurers from canceling, rejecting, or refusing to renew residential policies solely because the insured accepted earthquake coverage, and bars discriminatory underwriting against those who purchase coverage

Requires insurers to disclose all applicable discounts and surcharges for earthquake coverage, including hazard-reduction discounts for measures like securing water heaters or reinforcing chimneys