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Homeowners Insurance In Oklahhoma: Home Owners Policy Types And Dwelling Policy Types
Homeowners Insurance Policies
With the passage of multiple-line legislation, the homeowners policy was setup to provide coverage that home owners typically need. The policy was meant to be a one indivisible contract that offers the kind of coverage every homeowner requires. This was then followed by policies for tenants of rentals and condominium owners, each designed to meet the unique exposures presented.
In general, homeowners policies are relatively inflexible, which means that what they cover and the limits are already predetermined and can only be changed by endorsements to the policy. However, regardless of this inflexibility, homeowners policies have quite a few key benefits to the policyholders:
1. Single policy document
2. Broader protections
3. One insurer
4. One expiration date
Home Owners Policy Types
Dwelling Policies
Where homeowners insurance isn’t available, the homeowner has an option of buying a dwelling policy, especially in the following situations:
1. Tenant-occupied residences – The residential structure is owned by the individual and is then rented out to others.
2. The dwelling has some intrinsic risks that might not be acceptable to the insurance company for homeowner’s coverage, such as value or age.
3. The residence is disclosed as a seasonal dwelling on the insurance application.
The most common use for a dwelling policy is providing coverage for a single family residential building that the owner doesn’t occupy and instead rents it out to others. Since this is the most common situation, the policy usually doesn’t cover liability and theft. The reason is because liability insurance is usually extended from the homeowners policy of the insured via an endorsement, and if something is stolen from a rented building, it belongs to the tenant, not the insured. Whenever there’s a need for either liability or theft coverage under the dwelling program, that can be acquired as endorsements to the basic policy.
This insures the dwelling of the insured, along with the structures attached to the dwelling, and the materials and/or supplies on the residence intended for use in the construction, repair, and alteration of the dwelling or the covered structures. It can also cover dwellings on residential premises away from the insured location provided it’s shown on the declarations. Outdoor equipment primarily used for the service of the insured dwelling and its appurtenant or grounds structures is also covered (if not otherwise covered under farm policy), even when its temporarily located away from the premises.
This insures other private structures that are used in connection with the covered dwelling. However, coverage B excludes any business-related exposures and farm buildings such as barns or outbuildings other than those the insured uses primarily for farm purposes.
This is quite similar to Coverage C from the homeowners policy. Nonetheless, the farm policy coverage C excludes the farm personal property other than furniture, office fixtures, and equipment, which need to be covered under a different form.
Coverage C comes with an extension of coverage that insures the loss of the contents of a refrigerated unit or freeze on the premises of the insured. The loss must be caused by temperature changes resulting from the interruption of the electrical service. however, this extension is only meant for food in the farm family use isn’t applicable to farm personal property or property not owned by the insured.
This provides additional living expense for the loss of use of the living quarters in the insured premises, along with the fair rental value of any part of the dwelling structures covered under Coverage B that’s rented out to others. However, it excludes extra expense coverage for farm operation or business interruption.
This can ideally be used to cover 18 classes of farm property on a scheduled basis. In order to be covered here, the property has to be itemized, and its limit shown on the declarations. In case the insured prefers a blanket cover, it can be provided under Coverage F.
Coverage F offers a blanket coverage on the unscheduled farm personal property. All farm personal property is insured under a single limit of liability. Coverage F is usually activated by simply indicating a limit for the coverage on the farm declaration. Losses are settles on an actual cash basis, not to exceed the cost to replace or repair the damaged property.
The principle purpose of Coverage G is insuring farm buildings or structures other than the dwellings shown in the declaration as a single blanket limit. It can be arranged at replacement cost or at an actual cash value of the said item. When the replacement cost is selected, it has to be expressly indicated in the declarations.
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