Earthquakes in Ohio’ Nationwide Says It’s Possible

Ohio’s Nationwide Insurance has issued a bulletin with the headline “Quake Rumblings Could Surprise Midwesterners,” which, as the company points out, is indeed surprising. Midwesterners may fear tornadoes, but not earthquakes, which only happen in places like California.

In fact most people in the region, according to Nationwide, were unaware that a recent strong quake occurred in Alaska. They’re even less aware that “at least 10 significant earthquakes have been recorded in Ohio since 1776. The last rumbler occurred on July 12, 1986 in northwest Anna, near St. Mary’s, in Auglaize County. Minor damage was reported.”

Although the data concerning the possibility of a severe earthquake hitting Ohio isn’t very highly developed, Nationwide indicated that at least some researchers believe that one could occur in the northwestern or western part of the state, with a lesser possibility in the southeast.

While earthquake coverage is available, it remains fairly expensive, but there appears to be a growing demand. Nationwide said it currently has 112,000 earthquake coverages in force, including nearly 31,000 in Ohio, compared to fewer than 30,000 a decade ago, about a third of which were in Ohio

“The coverage is added as an endorsement to the homeowner’s policy. There are some variations by state and deductibles differ by state,” said the bulletin. “In Ohio, earthquake coverage annually costs 21 cents per $1,000 of coverage on a frame house and 41 cents per $1,000 of coverage on a masonry structure. On a $200,000 house, that adds up to $42 annually for a frame home and $82 for masonry.”

“Earthquake coverage carries a deductible of between 2 percent to 10 percent, depending on the state and insurance rating territory. In Ohio, the deductible is 2 percent. That means the policyholder pays the first 2 percent of the dwelling amount and the insurer pays the balance, up to the stated coverage limit,” it continued.

Topics Catastrophe Natural Disasters Ohio Earthquake