7 Questions Oklahomans Ask About Home Insurance

Home insurance is a vital aspect of protecting your property and assets. In Oklahoma, where natural disasters such as tornadoes and floods are not uncommon, understanding home insurance can save you from significant financial loss.

Let's look at seven common questions Oklahomans have about home insurance.

1. What is Home Insurance and Why Do I Need It?

Home insurance, also known as homeowners insurance, provides financial protection against damage to your home and personal property. It also offers liability coverage for accidents that occur on your property. In Oklahoma, home insurance is particularly important due to the state's susceptibility to natural disasters such as tornadoes and floods.
Why You Need It:

• Protection Against Natural Disasters: Oklahoma is in Tornado Alley, making homes vulnerable to tornado damage. Home insurance covers repairs and rebuilds.
• Financial Security: Without insurance, you'd have to cover the cost of damages out-of-pocket, which can be financially devastating.
• Lender Requirements: If you have a mortgage, your lender will likely require you to have home insurance to protect their investment.

2. What Does Home Insurance in Oklahoma Cover?

Home insurance policies generally cover four main areas:

• Dwelling Coverage: This pays for repairs or rebuilding of the structure of your home if it’s damaged by covered perils such as fire, wind, or hail.
• Personal Property Coverage: This covers your personal belongings, such as furniture, clothing, and electronics, if they are stolen or damaged.
• Liability Protection: This covers legal expenses and damages if someone is injured on your property and you are found liable.
• Additional Living Expenses (ALE): This pays for temporary living expenses if your home is uninhabitable due to a covered event.

Oklahoma-Specific Coverage:

• Tornado Damage: Given Oklahoma’s high risk for tornadoes, dwelling and personal property coverage are essential.
• Flood Insurance: Standard home insurance policies do not cover flood damage. Oklahomans should consider purchasing separate flood insurance, especially if they live in flood-prone areas.

3. How Are Home Insurance Rates Determined in Oklahoma?

Home insurance rates in Oklahoma are influenced by several factors, including:

• Location: Areas prone to natural disasters, like tornadoes or floods, often have higher insurance rates.
• Home Value: The replacement cost of your home influences your premium. More expensive homes cost more to insure.
• Deductible Amount: Choosing a higher deductible can lower your premium, but you'll pay more out-of-pocket in the event of a claim.
• Claims History: Your past claims can affect your insurance rates. Multiple claims may lead to higher premiums.

Example Rates:

• Average Cost: As of recent data, the average annual cost of homeowners insurance in Oklahoma is around $2,559, which is higher than the national average due to the state’s risk factors.

4. How Can I Get Affordable Home Insurance in Oklahoma?

Finding affordable home insurance in Oklahoma involves a few strategic steps:

• Shop Around: Compare quotes from different insurance providers to find the best deal.
• Bundle Policies: Many insurers offer discounts if you bundle home and auto insurance policies.
• Increase Your Deductible: Opting for a higher deductible can lower your premium, though you'll pay more out-of-pocket in case of a claim.
• Improve Home Security: Installing security systems, smoke detectors, and other safety features can qualify you for discounts.
• Maintain a Good Credit Score: A higher credit score can lower your insurance premium.

Discounts to Look For:

• Loyalty Discounts: Some insurers offer discounts for staying with them for a certain number of years.
• Claims-Free Discounts: If you haven’t filed any claims in a specific period, you might be eligible for a discount.
• New Home Discounts: Recently built homes might qualify for lower rates due to modern construction standards.

6. What Should I Do After a Tornado Damages My Home?

If a tornado damages your home, follow these steps to ensure a smooth claims process:

• Ensure Safety: Make sure everyone is safe and accounted for before assessing damage.
• Document Damage: Take photos and videos of the damage to provide to your insurance company.
• Contact Your Insurance Provider: Report the damage as soon as possible to start the claims process.
• Make Temporary Repairs: Prevent further damage by making temporary repairs, such as covering broken windows. Keep receipts for reimbursement.
• Meet with an Adjuster: Your insurance company will send an adjuster to assess the damage and determine the payout.

Common Issues:

• Underestimation of Damage: Ensure all damages are thoroughly documented and reported to avoid underpayment.
• Delayed Payments: Follow up with your insurance provider regularly to keep the claim process moving.

7. How Do I Choose the Right Home Insurance Policy?

Selecting the right home insurance policy involves evaluating your needs and understanding policy details. Here’s a guide to help you choose:

• Assess Your Coverage Needs: Consider the value of your home, personal belongings, and potential liability risks.
• Understand Policy Terms: Read the policy carefully to understand what is covered and any exclusions or limitations.
• Evaluate Additional Coverage: Decide if you need additional coverage, such as flood insurance or increased liability protection.
• Review Deductibles: Choose a deductible amount that balances affordability and out-of-pocket costs.
• Consult an Agent: An insurance agent can provide personalized advice and help you find the best policy for your needs.

Questions to Ask:

• What Perils Are Covered? Ensure the policy covers common risks in Oklahoma, such as tornadoes and floods.
• How Are Claims Handled? Understand the claims process and how quickly payouts are made.
• Are There Any Discounts? Ask about available discounts to lower your premium.

Oklahoma Insurance Pros Has the Answers

Home insurance is a vital safeguard for Oklahoma residents, offering protection against natural disasters, theft, and liability. By understanding your coverage needs, shopping around for the best rates, and taking advantage of available discounts, you can secure a policy that provides peace of mind and financial security. Whether you're dealing with the aftermath of a tornado or simply looking to protect your home investment, having the right home insurance is essential.
For more detailed advice and personalized assistance, consult with Oklahoma Insurance Professionals, your local independent insurance agency located in Oklahoma City and serving the surrounding cities of Moore, Edmond, Norman, Midwest City, Yukon, Jones, Bethany, Enid, Mustang, and even the rest of Oklahoma.

We understand the unique challenges and needs of Oklahomans. Stay informed, review your policies regularly, and make sure you’re adequately covered to face any unforeseen events.

get proper coverage for OKC!

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Scott Godwin
Founder

Oklahoma Insurance Professionals LLC serves Oklahoma City and the surrounding Oklahoma communities by protecting the people we work with just like we protect our own family members. Home insurance, auto insurance, business insurance, and more. We can help you find the coverage you need. ​