HB 1571 Summary

• Insurers offering residential property insurance in Oklahoma must offer earthquake coverage to policyholders at issuance or renewal, with the offer required by November 1, 2015.

• Mandatory offer must inform insureds that homeowners policies do not cover earthquakes, that acceptance is optional, and that companies will provide coverage details within 10 days of written request.

• If mandatory offer is declined, insurers must re-offer earthquake coverage every two years at policy renewal or continuation.

• Insurers cannot reject, cancel, or refuse to renew residential policies based solely on acceptance of earthquake coverage, and underwriting standards cannot be applied discriminatorily against those accepting coverage.

• Insurers must disclose all applicable discounts and surcharges for earthquake insurance and for earthquake-hazard reductions such as foundation bracing, chimney reinforcement, and water heater securing.