Home insurance Oklahoma is not a requirement, but it does secure one’s home and future, which is why many homeowners consider purchasing it. Hazard insurance Oklahoma is a kind of coverage that will protect homeowners from losses caused by natural disasters (some exceptions apply), theft, and malicious mischief. As you can imagine, an insured home provides not only security and confidence that you’re prepared for what may come, but also freedom from worry.
Oklahoma is one of the states in the US that’s prone to tornadoes and wildfires as well. That means home insurance can be expensive because the risks of suffering because of a natural disaster are a lot higher. For example, if your property stands in an area that’s more prone to calamity, the standard homeowner policy won’t do the trick. In fact, you must adjust your coverage depending on what you and your situation require.
To help you determine the kind of coverage you need, here’s an overview of the most important types of coverage you might want to consider when you’re checking out the best home insurance companies in Oklahoma:
- Flood Insurance Oklahoma
Flood insurance Oklahoma is a kind of standard home owner policy that will cover your home from flooding that’s caused by accidental damages to your home’s plumbing system. Usually, flood insurance doesn’t protect you from flooding caused by rains. So, if you live in an area that’s prone to insurance, you need a separate policy for flood insurance. This type of policy is provided by home insurance agents and they obtain it through the National Flood Insurance Program.
- Fire and Lighting Coverage
This type of coverage is often provided by standard homeowner policies and it protects against fire accidents caused by heater malfunction or electrical failure. This kind of coverage also protects homeowners from losses caused by wildfires and it’s included in all property insurance policies.
If you want to keep your coverage affordable, your deductibles will need to be raised depending on the risk level you’re facing. When you walk into a homeowners insurance agency, you need to check the exclusions of your homeowners policy so you can be proactive.
- Wind and Hail Coverage
This type of coverage is very important because Oklahoma is prone to tornadoes. On average, over 50 tornadoes strike the state every year, causing a lot of property destruction and pain to families. Standard home insurance policies usually offer coverage for structural damages caused by hail. However, these policies may not include coverage for damaged sewers and food spoilage. If the coverage limit you’re allowed is small, you need to talk with your insurance carrier about adding more coverage so you can cover for these losses.
- Earthquake Coverage Oklahoma
Usually, earthquake coverage can be included in standard home insurance policies. However, as a homeowner, you still need to ask for it. Especially if you live in an area that’s prone to earthquakes. You also must check the components of your home to get the right kind of coverage. For example, if the exterior of your home is made of stone or brick, your insurer should include those exterior wall materials so they will be covered by the insurance policy.
This begs the question…
How Much is Earthquake Insurance in Oklahoma?
Well, that’s not an easy question to answer. Many of the insurance companies in Oklahoma used to include earthquake insurance as an endorsement to the homeowner policy at a nominal cost.
But since Oklahoma has suffered thousands of earthquakes in a 5 to 7 year period, most insurance companies in the state have stopped offering earthquake endorsements. And the few companies that do offer it, do so at a much higher rate than ever and at a higher deductible, which is often 10% of the value of the replacement coverage policy. So, say your replacement coverage policy is $200,000. That means your deductible would be $20,000 for the main dwelling alone. Other structures in the property and your personal property would require separate deductibles.
Some earthquake insurance providers offer a standalone earthquake insurance policy which is also more expensive, especially when compared to homeowners policies that offer earthquake endorsement.
When it comes to purchasing an insurance policy to protect your property, you must determine which part of your home is more vulnerable to damage. This is crucial because it will allow you to upgrade the quality of your property and make the necessary upgrades before you purchase your insurance policy.
Doing this will help you save a lot of money. Think about it; if you take care of your home’s vulnerabilities, you won’t need to purchase additional coverage, which is more expensive. As a homeowner, you should make it a habit to regularly check your home for vulnerabilities, especially when spring is getting closer. The more prepared you are, the less you’ll have to worry about purchasing additional coverage. Essentially, when you walk into a home insurance agency, you want to have a clear understanding of your needs.
Do keep in mind that all hazard insurance Oklahoma policies have exclusions. Before you sign anything, you need to be 100% certain about what you’re agreeing to and what you’re purchasing. Ask as many questions as you need and consult the Oklahoma Insurance Department if you need information or advice. Remember insurance is very important and you want to make sure your policy includes everything you need. Your bases need to be covered before you sign your contract, so make sure of that.
The good news is that Oklahomans can shop for their insurance coverage online, which saves them a ton of time. Online quoting services will allow you to compare the best home insurance companies in Oklahoma so you can make the right choice. Hazard insurance Oklahoma will not only protect your property, but it will also allow you to feel safer and more confident that you’ll be covered if anything happens to your property. So, get a quote today!
Brian Ward is a licensed property & casualty, life and health insurance agent for a major national insurance company for over 18 years. He is the CEO of Oklahoma Insurance Quotes, home insurance Oklahoma and Burial Insurance For Seniors, funeral insurance.