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 As the summer of 2024 comes to a close, it’s the perfect time to look back on the valuable home insurance topics we explored over the past few months. From the ins and outs of flood insurance to avoiding costly mistakes when filing claims, we’ve covered a wide array of subjects designed to help Oklahoma homeowners make informed decisions about their coverage. In this two-part series, we’ll revisit some of the key posts from the summer and dive deeper into the issues that matter most for keeping your home—and your finances—safe. In Part 1, we’ll focus on topics that cover flood insurance, understanding home coverage limits, and how to avoid common mistakes when filing claims. Stay tuned for Part 2, where we’ll explore specialized topics like umbrella policies, event insurance, and tips for securing additional coverage. Whether you’re new to homeownership or a seasoned homeowner looking to fine-tune your policy, there’s something here for everyone. Flood Insurance: Why It’s a Must for Oklahoma HomeownersFloods are one of the most common and costly natural disasters in the United States, and Oklahoma is no stranger to flash floods and heavy rainfall. Yet, many homeowners in Oklahoma remain uninsured against this risk. In our article Why Flood Insurance is a Good Idea in Oklahoma, we delved into why every homeowner should consider adding flood insurance to their coverage portfolio. Most standard homeowners insurance policies do not cover flood damage, which can leave you financially vulnerable if your home is hit by a flood. In Oklahoma, where flash floods can occur with little warning, having a separate flood insurance policy can mean the difference between recovery and financial ruin. But why do so many homeowners go without flood coverage? It’s often because they assume their existing policy protects them. The reality, however, is that flood insurance must be purchased separately, either through private insurance companies or the National Flood Insurance Program (NFIP). The costs of going without flood insurance can be staggering. A single inch of water in your home can cause tens of thousands of dollars in damage—an expense that many families can’t afford to cover out of pocket. It’s also important to recognize that flood insurance isn’t just for those living in high-risk flood zones. In fact, over 20% of flood claims come from homes in low- to moderate-risk areas. In Oklahoma, where sudden and severe weather events are common, adding flood insurance could be one of the best financial decisions you make for your home. If you’re unsure whether you need flood insurance, talk to an insurance agent to assess your home’s risk factors and get a quote that suits your needs. Are You Underinsured? Understanding Home Coverage LimitsWhile flood insurance is essential, it’s just one piece of the home insurance puzzle. Many homeowners are underinsured and don’t even realize it until it’s too late. In Am I Underinsured on My Home?, we discussed how being underinsured can leave you with unexpected out-of-pocket costs in the event of a disaster. When was the last time you reviewed your homeowners insurance policy? If it’s been a while, there’s a chance your coverage may not reflect the current value of your home or your belongings. Over time, the cost of materials, labor, and even the value of personal items like electronics and furniture can increase. Without adjusting your coverage, you may not have enough insurance to fully rebuild your home or replace your belongings after a loss. One of the key aspects of ensuring adequate coverage is understanding your reconstruction cost. In What is Reconstruction Cost in Home Insurance?, we explained that this figure is different from your home’s market value. While market value includes the land and location, reconstruction cost is purely the expense of rebuilding your home from the ground up, including materials, labor, and permits. Reconstruction costs can fluctuate significantly due to factors like inflation and regional economic changes. That’s why it’s crucial to review your policy regularly and adjust your dwelling coverage limit as needed. This ensures that, should the worst happen, your insurance company will cover the full cost of rebuilding your home. Avoiding Common Mistakes When Filing a ClaimFiling a homeowners insurance claim can be a stressful and confusing process, especially if you’re dealing with significant damage to your property. Unfortunately, many homeowners make costly mistakes that can delay their claims or reduce their payouts. In 5 Common Mistakes When Filing a Home Insurance Claim, we outlined the most common errors and how to avoid them. One of the biggest mistakes is failing to document the damage. After a storm or other disaster, your first instinct might be to start cleaning up—but it’s essential to take photos and videos of the damage before you begin. This documentation will be crucial when you file your claim, as it provides proof of the extent of the damage. Another common mistake is underestimating the importance of a home inventory. If you haven’t already created a detailed list of your belongings, complete with photos, receipts, and descriptions, now is the time to do so. Having a home inventory makes it much easier to prove the value of lost or damaged items, which can speed up the claims process and ensure you receive the full payout you’re entitled to. We also stressed the importance of knowing your deductible and how it affects your claim. Many homeowners are surprised to learn that they must pay their deductible before their insurance company steps in to cover the rest. In When Do You Pay The Deductible For Homeowners Insurance?, we explained when and how your deductible applies, as well as how choosing a higher or lower deductible can impact your premiums and claims process. Roof Repairs and Coverage LimitsWhen it comes to filing claims, roof damage is one of the most common types of claims made by Oklahoma homeowners. In How Insurance Helps You Get a New Roof, we explained how homeowners insurance can cover the cost of roof repairs or replacement, depending on the cause of the damage. Roof claims can be tricky, as many homeowners insurance policies have specific rules about the age of your roof and the type of damage that’s covered. For example, damage caused by a sudden storm may be fully covered, but wear and tear over time might not be. That’s why it’s essential to understand your policy’s roof payment schedule. In What Is A Roof Payment Schedule On Home Insurance And Why Do I Care?, we explored how insurance companies determine payouts for roof repairs and replacements, and why knowing these details can save you a lot of headaches down the road. In Part 2 of our Best of Summer 2024 series, we’ll explore more important topics that can help you protect your home, from adding umbrella policies to securing event insurance. Stay tuned!
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