Home insurance Oklahoma is not required but many homeowners prefer to have security for their house and future. Hazard insurance Oklahoma provides coverage for loss caused by natural disasters (with some exceptions), theft, and malicious mischief. Homeowners with secured houses often enjoy well-being and mental freedom because they are more prepared to face the future.
Among all other states, Oklahoma tends to have the highest frequency of tornadoes and wildfires. This is the reason why maintaining home insurance can be very costly. If you settle in a calamity-prone area, you may need more than just a standard policy. Your insurance coverage should be adjusted depending on your needs and the necessity of the situation. Here are the most important coverages that you need to check with your insurance company.
Flood Insurance Oklahoma – Standard home owner policy may only cover for flood caused by accidental damage from the plumbing system but usually WILL NOT include flood caused by rains from severe and heavy storms. If you live in a flood prone area, it is advisable that you get flood insurance. This is a separate policy which you can normally get from your home insurance agent, who in turn obtains it through the National Flood Insurance Program.
Fire and Lightning – Coverage for fire and lightning are normally covered under a standard homeowner policy. This may include protection against fire accidents resulting from sudden electrical failure or heater malfunction. Losses from wildfires are also enclosed under all property insurance policies. Depending on the level of risk, you may need to raise your deductible to keep your coverage affordable. Be proactive and check the exclusions under your homeowners policy with your home insurance agency.
Wind and Hail – Coverage for wind and hail is very important. Every year, on average, more than 50 tornadoes strike in Oklahoma, destroying many properties and scarring families. A standard home insurance policy normally covers for structural damages caused by strong wind and falling debris, namely hail. However, it may not include coverage for food spoilage and damaged sewers. If your allowable limit is too small, you may ask your insurance carrier if you can add more coverage to cover such losses.
Earthquake Insurance Coverage In Oklahoma – Coverage for earthquakes might be available under a standard home insurance policy, but homeowners should still ask for it. It is also important to check the components of your house. If your home’s exterior is made of brick or stone, you need to make sure that your insurance agent will include them so that those specific types of exterior wall materials will be covered.
How Much is Earthquake Insurance in Oklahoma? That is not an easy question since in the past, multiple insurance companies would make earthquake insurance oklahoma available as an endorsement at a nominal cost. However, since Oklahoma had thousands of earthquakes within a 5 to 7 year time frame, most insurance companies no longer offered the Earthquake Endorsement and those few companies that did offer the endorsement, increased the rate substantially as well as increased the deductible to 10% of the value of your replacement coverage policy. So a 10% deductible on a $200,000 replacement coverage policy home would be $20,000 and that would only be for the main dwelling…other structures and personal property would also have separate deductibles. There are earthquake insurance providers that sell a standalone earthquake insurance policy on the home which tends to also have a higher cost compared to homeowners insurance policies that offer the earthquake coverage endorsement.
Before buying a policy, it is wise to check which part of your house is more prone to damage. If you can make a repair and upgrade the quality of your house before buying an insurance policy, you could save a lot. For instance, you can make it a habit to check your house especially when spring season is nearing. If you are prepared, you do not have to worry about having too much coverage.
Note that every hazard insurance Oklahoma policy has exclusions. Before signing a contract, it is best that you clarify with the home insurance agency about your questions. The Oklahoma Insurance Department is also a great resource to seek for advice and information. Fortunately, Oklahomans can save more time in shopping for coverage with the internet. Using an online quoting service, you can check almost all of the best home insurance companies in Oklahoma.