Oklahoma Insurance Professionals LLC Blog
Oklahoma has seen more than its fair share of catastrophic events that have proven deadly and a disaster risk.
The state of Oklahoma, located along Tornado Alley, is known for its severe weather and frequent storms, including wind and hail storms as some of the biggest risks.
These storms can and have caused significant damage to property and infrastructure.
Severe windstorms are most common in Oklahoma during the spring and summer months. These storms can produce severe, hurricane-force winds of up to 100 miles per hour, which can uproot trees, topple power lines, and damage buildings.
Damage from tornados and heavy winds to your home and personal property can put your homeowners insurance coverage to the test.
First, you'll want to make sure you have an insurable property that your insurance company can write a policy for.
There are a few things you can do to make sure your home is insurable:
Hailstorms are also common in Oklahoma, and can occur year-round. Hail claims occur from January to December due to the damage they leave in their wake.
Hailstones can range in size from small peas to grapefruits, and can cause significant damage to vehicles, homes, and businesses.
In 2017, a hailstorm with hailstones the size of baseballs struck Oklahoma City, causing millions of dollars in damage and wind damage claims.
The frequency and severity of high-wind events such as wind and hail storms in Oklahoma are due to the state's location in the Great Plains.
The Great Plains is a region of the United States that is known for its flat terrain and dry climate. These conditions create an environment that is conducive to the formation of severe weather.
Deductible on Wind Hail Damage
If you live in Oklahoma, it is important to be prepared for wind and hail storms.
You should have a plan for what to do in the event of a storm, and you should make sure that your home and property are properly insured well before you assess the impact of wind damage and cost of repairs after the storm.
This means paying an insurance deductible.
A wind and hail deductible is the amount of money that you have to pay out of pocket before your insurance company will pay for damage caused by wind or hail. Wind hail deductibles are used to discourage people from filing small insurance claims, and to help keep insurance premiums affordable.
The amount of your wind and hail deductible will vary depending on your insurance company and the type of coverage you have.
In Oklahoma City, it is common for homeowners to have a wind and hail deductible of $500 or $1,000.
Why Do I Have to Pay a Wind and Hail Deductible?
Seems unfair, right? You suffered the damage, you paid for the insurance policy. Why do you have to pay more?
Insurance companies use deductibles to spread the risk of loss among all of their policyholders. If everyone had to pay the full amount of every claim, insurance premiums would be much higher.
Deductibles also discourage people from filing small claims. If you have to pay $500 or $1,000 out of pocket, you are more likely to try to fix the damage yourself or to find another way to get the money.
Doesn't seem as unfair once you take that into account, right?
How Does a Wind and Hail Deductible Work?
Let's say you have a $500 wind and hail deductible and your home is damaged by a storm. The insurance company will pay for all of the damage that is over $500.
For example, if the damage to your home is $1,000, you will pay $500 and the insurance company will pay $500.
If the damage to your home is less than your deductible, you will be responsible for paying for the entire repair yourself.
How Can I Lower My Wind and Hail Deductible?
With deductibles a percentage of dwelling coverage coupled with the increase in property values and building costs, paying a deductible at 1% to 2% of the dwelling coverage could add up quickly.
The cost of roof replacement easily accelerates into double-digits.
There are a few things you can do to lower your wind and hail deductible.
What if I Can't Afford to Pay a Wind and Hail Deductible?
If you can't afford to pay a wind and hail deductible, you may want to consider a policy with a lower deductible. However, keep in mind that lower deductibles will mean higher premiums.
You may also want to consider purchasing a separate wind and hail insurance policy. These policies are typically less expensive than homeowners insurance policies, and they can provide coverage for damage caused by wind and hail.
Consult the Pros
Wind and hail deductibles are an important part of homeowners insurance. They help to keep insurance premiums affordable, and they discourage people from filing small claims.
If you are considering purchasing homeowners insurance, be sure to understand how wind and hail deductibles work.
Oklahoma City is a beautiful city, but it is also located in an area that is prone to wind and hail damage. By understanding how wind and hail deductibles work, and by taking steps to protect your home, you can help to ensure that you are properly covered in the event of a storm.
And while talk about catastrophic wind damage, deductibles and the particulars of home insurance can prove tedious and even overwhelming, Oklahoma Insurance Professionals, LLC exists to come alongside and guide you to the best policies, protection, and price to keep your insurance affordable.
As an independent insurance agency, we have access to a variety of insurance carriers (i.e., insurance providers), making it easier to customize insurance coverage for our clients.
You can contact us for a free insurance audit and/or personalized home insurance quote.
Serving Oklahoma City and the surrounding areas of Newcastle, Tuttle, Blanchard, Choctaw, Bethany, El Reno, Edmond, Moore, Norman, and Yukon, our insurance agents live and work here.
Knowing it is about "when", not "if" that severe storm will blow through, make sure you're not leaving your coverage to chance.
To get started sooner rather than later, simply click below, visit our website or give us a call at (405) 838-1818 to speak with one of our homeowners insurance agents.